Oil Advances on Troop Plans, Fears of Extended Hormuz Closure

WATCH: Oil rebounded from Monday’s losses before paring much of its gains. Anthony di Paola reports.Source: Bloomberg

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By Bloomberg News

March 23, 2026 at 10:03 PM UTC

Updated on

March 24, 2026 at 8:52 PM UTC

Oil resumed its ascent on Tuesday with lingering uncertainty over the time-frame for reopening the vital Strait of Hormuz.

After a steep decline on Monday, the global benchmark Brent climbed 4.6% to settle near $104.50 a barrel on Tuesday. It had traded below $100. Prices pared most gains post-settlement after an Israeli media report that the US is seeking a one-month ceasefire with Iran.