Oil slides on ceasefire reports
HOUSTON: Brent futures for June delivery were down more than $3 on Tuesday following unconfirmed reports that Iran’s president said the country was ready to end the war, assuming some guarantees were put into place.
The Brent May contract was on track for a record monthly gain, but it expires later on Tuesday, with liquidity dropping as investors move their exposure to the more liquid June contract.
The Brent June contract was down $3.70 at $103.69 per barrel, dropping after unconfirmed reports that Iranian President Masoud Pezeshkian said, “We’re ready to end the war, but want guarantees.”
Brent crude futures for May were up $5.52, or 4.89pc, at $118.30 per barrel at 1:05 p.m. EDT, while US crude futures were down 2.11pc at $100.71.
Front-month Brent futures were on track for a record gain of 64pc in March, according to LSEG data dating back to June 1988.
US benchmark West Texas Intermediate has gained 50pc in the month, its biggest jump since May 2020.
Published in Dawn, April 1st, 2026
