By Adam Clark
Oil prices were rising early Thursday as hopes of an imminent peace deal between Iran and the U.S. faded.
Brent crude, the international standard, was up 2.7% at $99.90 a barrel. West Texas Intermediate, the U.S. standard, was up 3% at $93.00 a barrel.
President Donald Trump is still hoping to bring an end to the Iran conflict in the coming weeks, The Wall Street Journal reported, citing comments to his associates. However, Tehran so far has rejected direct talks with Washington, at least in public.
The Strait of Hormuz, where 20% of the world's daily oil normally flows, remains effectively closed for the majority of traffic. Iran has also threatened to control or close the Bab al-Mandeb Strait, a narrow passageway that controls sea traffic toward the Suez Canal.
In the face of rising fuel costs, the U.S. Environmental Protection Agency will issue an emergency waiver on nationwides sales of E15 gasoline -- a blend of 15% ethanol and 85% gasoline -- during the summer driving season starting May 1. This will mark the fifth summer in a row the agency has used its emergency authority under the Clean Air Act to waive limits on the higher blend of ethanol.
"This emergency action will provide American families with relief by increasing fuel supply and consumer choice," EPA Administrator Lee Zeldin said in a statement. "President Trump has prioritized ensuring American families have an affordable domestic energy supply."
The effects of oil disruption are being most acutely felt in Asia, where multiple governments have had to take action to address fuel shortages. The Philippines has declared a state of national energy emergency, South Korea has launched an energy-saving campaign, and Japan has bolstered its fund for subsidies for gasoline and other fuels
"Fiscal buffers will be of only limited benefit if the outright supply shortages beginning to emerge in some Asian economies worsen and spread, " wrote Gavekal Research analyst Udith Sakand in a research note.
Write to Adam Clark at adam.clark@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 26, 2026 05:56 ET (09:56 GMT)
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