BEIJING, April 1: Oil prices rose Wednesday as Brent front-month futures extended a record March rally, driven by ongoing Middle East volatility.
Brent for June delivery gained 66 cents to $104.63 a barrel, marking a 64% monthly increase. U.S. WTI crude also rose, with May futures gaining 96 cents to $102.34.
Despite reports of potential U.S.-Iran diplomatic progress, analysts say limited tangible developments and continued maritime attacks keep supply risks elevated.
President Donald Trump suggested the U.S. could end its military campaign in two to three weeks, though infrastructure damage is expected to limit supply recovery.
OPEC output fell 7.3 million barrels per day in March due to closures around the Strait of Hormuz, a critical shipping lane for global oil and LNG.
Analysts increased their 2026 Brent price forecast by 30% to $82.85 per barrel-its highest ever, according to Reuters polling.