Ice Brent futures traded higher in early Asian trading, after US president Donald Trump pressured other countries to take responsibility to reopen the strait of Hormuz.
The Ice front-month June Brent contract was at $105.28/bl at 04:00 GMT, up by $1.31/bl from its settlement on 31 March when it ended $3.42/bl lower.
The Nymex front-month May crude contract was at $102.95/bl, higher by $1.57/bl from its settlement on 31 March when it ended $1.50/bl lower.
US president Donald Trump suggested the US could end its military campaign in about "two or three weeks". Trump said the US would leave Iran "very soon", after which he said it would be up to the UK and other countries affected by the loss of shipments to show "courage" and take control of the critical waterway for energy.
The Trump administration has sent mixed signals on whether it plans to ratchet up attacks against Iran or start to wind down military operations. Trump previously said the war will last four to six weeks. But thousands of marines and other on-the-ground personnel were arriving in the Mideast Gulf last week, four weeks into the conflict. US military leaders have been noncommittal on timelines and whether they will send on-the-ground forces into Iran.
The governments of China and Pakistan on 31 March [proposed a plan](/integration/newsandanalysis/article/2808380) for "restoring peace and stability" in the Mideast Gulf. Islamabad and Beijing proposed an immediate cessation of fighting and said peace talks should start "as soon as possible". They said attacks should stop on non-military targets including energy and power infrastructure and that safe passage should be assured for shipping through the strait of Hormuz.
Pakistan has emerged as a key participant in a push for an end to the month-long war, having hosted talks with foreign ministers from Saudi Arabia, Egypt and Turkey on 29 March.
The oil supply crunch from the fallout of the US-Israel war with Iran has pushed refiners in Asia-Pacific to seek alternatives. A cargo of Caspian light sour CPC Blend crude has been booked for delivery in Asia-Pacific, possibly for the first time since the war began. Prices for Angolan and Congolese crude grades have also climbed because of interest from Asian buyers.
Brazilian state-controlled Petrobras is still working with a budget for oil prices below $60/bl for this year, even as the price of crude has surged over $100/bl because of the war in the Middle East, exploration and production director Sylvia Anjos said.
The company is focused on increasing output in the current scenario, Anjos said, with production hitting a peak of 2.92mn b/d one day in March. It produced 2.4mn b/d of crude in 2025, an 11pc increase from 2024.
Ice Brent futures traded higher in early Asian trading, after US president Donald Trump pressured other countries to take responsibility to reopen the strait of Hormuz.
The Ice front-month June Brent contract was at $105.28/bl at 04:00 GMT, up by $1.31/bl from its settlement on 31 March when it ended $3.42/bl lower.
The Nymex front-month May crude contract was at $102.95/bl, higher by $1.57/bl from its settlement on 31 March when it ended $1.50/bl lower.
US president Donald Trump suggested the US could end its military campaign in about "two or three weeks". Trump said the US would leave Iran "very soon", after which he said it would be up to the UK and other countries affected by the loss of shipments to show "courage" and take control of the critical waterway for energy.
The Trump administration has sent mixed signals on whether it plans to ratchet up attacks against Iran or start to wind down military operations. Trump previously said the war will last four to six weeks. But thousands of marines and other on-the-ground personnel were arriving in the Mideast Gulf last week, four weeks into the conflict. US military leaders have been noncommittal on timelines and whether they will send on-the-ground forces into Iran.
The governments of China and Pakistan on 31 March [proposed a plan](/integration/newsandanalysis/article/2808380) for "restoring peace and stability" in the Mideast Gulf. Islamabad and Beijing proposed an immediate cessation of fighting and said peace talks should start "as soon as possible". They said attacks should stop on non-military targets including energy and power infrastructure and that safe passage should be assured for shipping through the strait of Hormuz.
Pakistan has emerged as a key participant in a push for an end to the month-long war, having hosted talks with foreign ministers from Saudi Arabia, Egypt and Turkey on 29 March.
The oil supply crunch from the fallout of the US-Israel war with Iran has pushed refiners in Asia-Pacific to seek alternatives. A cargo of Caspian light sour CPC Blend crude has been booked for delivery in Asia-Pacific, possibly for the first time since the war began. Prices for Angolan and Congolese crude grades have also climbed because of interest from Asian buyers.
Brazilian state-controlled Petrobras is still working with a budget for oil prices below $60/bl for this year, even as the price of crude has surged over $100/bl because of the war in the Middle East, exploration and production director Sylvia Anjos said.
The company is focused on increasing output in the current scenario, Anjos said, with production hitting a peak of 2.92mn b/d one day in March. It produced 2.4mn b/d of crude in 2025, an 11pc increase from 2024.
By YouLiang Chay