US crude oil closes above $100 for first time since 2022

Oil drilling rigs

Oil prices rose at the close of volatile trading today, March 30, amid conflicting US statements about the prospects for war in the Middle East. The G7, meanwhile, pledged to take whatever measures are necessary to ensure the stability of energy markets.

Brent crude futures for May delivery rose 0.19%, or 21 cents, to $112.78 a barrel, after trading between $116.89 and $111.41 during the session.

WTI crude oil futures for May delivery jumped 3.25% or $3.24 to $102.88, closing above the important psychological level of $100 for the first time since 2022.

This comes against the backdrop of continued conflicting statements from the US administration regarding the war. President Donald Trump stated that Iran’s new leaders are very rational, and that he believes Washington will reach an agreement with them.

However, at the same time he expressed his desire to control Iranian oil, threatening to destroy power plants, oil wells and Iran’s Kharg Island if the Strait of Hormuz was not reopened immediately and a peace agreement was not reached before the deadline he set on April 6.

In a parallel development, the finance ministers and central bank governors of the G7 affirmed their full readiness to take all necessary measures to protect the stability of global energy markets, stressing their firm commitment to maintaining price stability.