Brent Crude Oil Rises Above $105 per Barrel, Traders Say Market Growing Immune to Price-Dampening Rhetoric

BlockBeats News, March 31st, according to Bitget data, WTI crude oil futures rose 2.3% on Tuesday to $105.21 per barrel, hitting a new high for 2022 at Monday's close. Previously, Trump tweeted on social media that if Iran does not reopen the Strait of Hormuz, the United States will destroy its power plants, oil facilities, and "potentially" desalination infrastructure.

Despite Trump's repeated statements about reaching an agreement with Iran, as the Middle East conflict enters its fifth week, the U.S. has deployed additional troops to the region. "In terms of seeking a way out, the tone is still one step forward and five steps back," said Rebecca Babbin, senior energy trader at the Private Wealth Group of the Canadian Imperial Bank of Commerce. "The market is still lacking 10 to 12 million barrels of daily supply, the cushion is disappearing, and the effectiveness of comments trying to lower oil prices is getting weaker." (FX678)