Ice Brent futures rose in early Asian trading after Iran rejected a US proposal, lowering hopes for progress on negotiations.
The Ice front-month May Brent contract was at $103.99/bl at 04:00 GMT, up by $1.77/bl from its settlement on 25 March when it ended $2.27/bl lower.
The Nymex front-month May crude contract was at $91.75/bl, higher by $1.43/bl from its settlement on 25 March when it ended $2.03/bl lower.
Iran has rejected a US proposal that was due to form the basis for negotiations aimed at ending the war, according to Iranian state news agency Press TV.
An unnamed senior security official told the outlet that the US proposal was both "excessive" in its demands and "deceptive", drawing parallels with two previous rounds of talks in which Israel and the US attacked Iran mid-negotiation.
In both cases, the US had "no genuine intention" of engaging in meaningful dialogue, the official said, referring to talks in June 2025 and February 2026.
Iran's speaker of parliament warned the administration of US president Donald Trump on 25 March not to test Tehran's will to defend its territory following widespread reports that the US is moving more troops to the region.
"We are closely monitoring all US movements in the region, especially troop deployments," Mohammad Bagher Ghalibaf said in a post on social media platform X. "What the generals have broken, the soldiers cannot fix; instead, they will fall victim to [Israeli prime minister Benjamin] Netanyahu's decisions." "Do not test our resolve to defend our land," he said.
The Pentagon is reportedly expected to send troops from the 82nd Airborne division, which will include ground forces as well as a command element. But the White House has not confirmed those moves.
Tanker traffic through the strait of Hormuz is not showing any signs of recovery, with only two more vessels crossing with their transponder switched on, after Iran said it would allow some "non-hostile" ships to pass through the waterway.
The oil product tanker Egret crossed the strait westbound early on 25 March via the channel between Qeshm and Larak islands, according to Kpler data. The Qeshm–Larak gap could serve as a narrow checkpoint for controlled outbound transits, market participants told Argus previously.
Ukraine's armed forces hit the terminal tank farm and oil loading infrastructure, causing a fire, according to the country's general staff. Russian state news agency Tass earlier reported that a fire broke out after a drone attack at Ust-Luga port, citing Leningrad regional governor Alexander Drozdenko. No further details were given.
In Kuwait, a drone attack on a fuel depot at the country's international airport caused a fire on 25 March, the latest in a series of attacks on infrastructure in Kuwait.
Meanwhile, Japan has requested the IEA to prepare for an additional oil release in case the ongoing supply disruptions persist, and the IEA stressed that it will not hesitate to make an additional release when necessary.
"Asian countries are currently facing significant difficulties," Japanese prime minister Sanae Takaichi told the IEA's secretary general Fatih Birol on 25 March. "We would appreciate it if you could prepare for an additional co-ordinated release in case this situation persists," she said.
US crude inventories rose by 6.9mn bl to 456.2mn bl last week on a sharp drop in exports and steady production, according to Energy Information Administration (EIA) data released on 25 March.
Ice Brent futures rose in early Asian trading after Iran rejected a US proposal, lowering hopes for progress on negotiations.
The Ice front-month May Brent contract was at $103.99/bl at 04:00 GMT, up by $1.77/bl from its settlement on 25 March when it ended $2.27/bl lower.
The Nymex front-month May crude contract was at $91.75/bl, higher by $1.43/bl from its settlement on 25 March when it ended $2.03/bl lower.
Iran has rejected a US proposal that was due to form the basis for negotiations aimed at ending the war, according to Iranian state news agency Press TV.
An unnamed senior security official told the outlet that the US proposal was both "excessive" in its demands and "deceptive", drawing parallels with two previous rounds of talks in which Israel and the US attacked Iran mid-negotiation.
In both cases, the US had "no genuine intention" of engaging in meaningful dialogue, the official said, referring to talks in June 2025 and February 2026.
Iran's speaker of parliament warned the administration of US president Donald Trump on 25 March not to test Tehran's will to defend its territory following widespread reports that the US is moving more troops to the region.
"We are closely monitoring all US movements in the region, especially troop deployments," Mohammad Bagher Ghalibaf said in a post on social media platform X. "What the generals have broken, the soldiers cannot fix; instead, they will fall victim to [Israeli prime minister Benjamin] Netanyahu's decisions." "Do not test our resolve to defend our land," he said.
The Pentagon is reportedly expected to send troops from the 82nd Airborne division, which will include ground forces as well as a command element. But the White House has not confirmed those moves.
Tanker traffic through the strait of Hormuz is not showing any signs of recovery, with only two more vessels crossing with their transponder switched on, after Iran said it would allow some "non-hostile" ships to pass through the waterway.
The oil product tanker Egret crossed the strait westbound early on 25 March via the channel between Qeshm and Larak islands, according to Kpler data. The Qeshm–Larak gap could serve as a narrow checkpoint for controlled outbound transits, market participants told Argus previously.
Elsewhere, Ukraine has confirmed that it attacked Novatek's terminal and condensate fractionation plant complex at the Russian Baltic port of Ust-Luga in the early hours of 25 March.
Ukraine's armed forces hit the terminal tank farm and oil loading infrastructure, causing a fire, according to the country's general staff. Russian state news agency Tass earlier reported that a fire broke out after a drone attack at Ust-Luga port, citing Leningrad regional governor Alexander Drozdenko. No further details were given.
In Kuwait, a drone attack on a fuel depot at the country's international airport caused a fire on 25 March, the latest in a series of attacks on infrastructure in Kuwait.
Meanwhile, Japan has requested the IEA to prepare for an additional oil release in case the ongoing supply disruptions persist, and the IEA stressed that it will not hesitate to make an additional release when necessary.
"Asian countries are currently facing significant difficulties," Japanese prime minister Sanae Takaichi told the IEA's secretary general Fatih Birol on 25 March. "We would appreciate it if you could prepare for an additional co-ordinated release in case this situation persists," she said.
US crude inventories rose by 6.9mn bl to 456.2mn bl last week on a sharp drop in exports and steady production, according to Energy Information Administration (EIA) data released on 25 March.
By Rhalain Reyes