Oil prices today: Crude nears $104 as Middle East tensions persist

2026-03-24 - 04:30

Global oil prices rebounded Tuesday amid escalating Middle East tensions and diplomatic uncertainty. Brent crude neared $104 a barrel as the Strait of Hormuz disruptions continue to tighten supply, with Gulf producers cutting output. Analysts warn of prolonged tightness and potential demand destruction if the situation persists, keeping markets volatile.