Oil Prices Rebound After Monday's Plunge

Crude oil and gasoline prices rise again as concerns over supply disruptions persist

Mar. 24, 2026 at 7:34am

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Oil prices rebounded on Tuesday, a day after a sharp decline, as the market reacted to shifting statements from President Trump regarding potential strikes on Iranian energy infrastructure. Crude oil benchmarks Brent and West Texas Intermediate both rose over 2%, while gasoline and diesel prices also increased, continuing a trend of higher fuel costs since the start of the war between the U.S. and Iran.

Why it matters

The volatility in oil prices and ongoing supply concerns stemming from the conflict in the Middle East are having significant economic impacts, with higher energy costs affecting businesses and consumers globally. The situation in the Strait of Hormuz, a critical oil shipping chokepoint, remains a major source of uncertainty.

The details

After plunging over 10% on Monday, Brent crude oil rose to around $102 per barrel, up 2%, while West Texas Intermediate crude increased to around $90 per barrel, also up over 2%. This came after President Trump appeared to back away from a threat to strike Iranian energy targets, only to have Iran deny that negotiations were underway. Gasoline prices nationally averaged $3.98 per gallon, up 34% since the start of the conflict, while diesel hit $5.35 per gallon, up 42%.

  • On Monday, crude oil prices plunged over 10%.
  • On Tuesday, crude oil prices rebounded, with Brent crude rising to around $102 per barrel.

The players

President Trump

The President of the United States, who had threatened to strike Iranian energy infrastructure but then appeared to back away from that threat.

Iran

The country that denied negotiations were underway with the U.S. to end the ongoing conflict.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

The takeaway

The volatility in oil and gas prices stemming from the U.S.-Iran conflict highlights the fragility of global energy markets and the potential for significant economic disruption when key supply routes and infrastructure are threatened. Policymakers and industry will be closely watching developments in the Strait of Hormuz and any further escalation of the conflict.