On Tuesday, the price of Brent crude for May delivery is showing little change on the London futures market, with the barrel trading just below $113, influenced by the situation in the Strait of Hormuz. Consequently, in pre-market trading, the price of Brent crude, Europe's benchmark, has moderated significantly from yesterday morning's levels, when the barrel was trading around $116, still far from the nearly $120 it reached on March 19. During that session, Brent touched a high of $119.13 per barrel. This moderation in oil prices follows a statement from US President Donald Trump yesterday that the war with Iran could end in 4-6 weeks, even as the conflict enters its fifth week. Similarly, Trump has warned of possible attacks on key Iranian infrastructure, such as power plants, if a quick agreement is not reached and the Strait of Hormuz is not reopened to international traffic. Like Brent, West Texas Intermediate (WTI), the US benchmark crude, is also flat at this hour before the official market open, with the barrel priced at $102.88. In this case, WTI closed yesterday's session above $100 per barrel for the first time since 2022.
