Crude oil prices climb back near $100/bbl after Trump’s 5-day strike halt on Iran, COMEX gold down 1.7%; US stocks close higher

Crude oil prices in the global market climbed back near the $100 per barrel (bbl) psychological mark during the early trading hours on Tuesday, March 24, 2026, after the commodity witnessed a brief relief from US President Donald Trump’s announcement amid the West Asia conflict.

On Monday, President Donald Trump announced that the United States is imposing a five-day halt period for “any and all military strikes against Iranian power plants and energy infrastructure.” However, oil prices rebounded again after a cooling period on Monday evening over Trump’s further comments on the conflict.

After Trump’s halt, Brent crude oil prices dropped more than 10% during the intraday trading session, hitting a low of almost $91.70 per bbl from its average trading price of $107 per bbl during the early market hours on Monday. Since midnight, the crude oil prices have been rising due to the heightened investor sentiment on the West Asia developments.

The West Texas Intermediate (WTI) crude oil prices also lost more than 9% during the trading session on Monday, dropping to a low of $84.59 per bbl after the postponement of the military strike on Iran’s key energy infrastructure.

Crude oil prices today

Brent crude oil prices nearly hit the $100 per bbl psychological mark after surging to $99.99 per bbl at 7:15 a.m. (IST) on Tuesday, March 24, compared to the previous market close level of $96.5 per bbl on Monday.

As of 7:37 a.m. (IST), Brent crude oil was trading 4% higher at $99.78 per bbl, compared to the previous market close, over the cautious investor sentiment from Trump’s recent comments on the US-Iran conflict.

The US-based WTI crude oil prices were trading 4.06% higher at $91.67 per bbl as of 7:37 a.m. (IST), compared to the previous market close level of $88.13, according to Investing.com data.

Why are crude oil prices rising today?

Crude oil prices were rising on Tuesday’s market after US President Donald Trump, speaking at an event in Memphis, Tennessee, United States, said that Iran has ‘one more chance’ at peace without providing any details of the deal, according to a BBC report.

"My whole life has been a negotiation but with Iran, we've been negotiating a long time," said Trump in his speech. "This time, they mean business," he said. Trump also said that he believes Iran has agreed they will not have a nuclear weapon.

Trump added that he hopes Iran takes the deal, but “Either way, America and the entire world will be much safer and [it] will be a much safer planet.”

These comments come after Trump, via his Truth Social post, said that Iran and the US are engaged in talks to resolve the ongoing West Asia conflict and stop the hostile attacks on in the region.

“I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, subject to the success of the ongoing meetings and discussions,” said Trump in his post.

Global gold prices today

The New York Mercantile Exchange-based COMEX gold prices were trading 1.79% lower at $4,328.30 per ounce as of 10:03 p.m. (EDT) on Monday, March 23, compared to $4,407.30 per ounce at the previous market close, according to the official data.

The data showed that the gold prices surged to $4,450.50 per ounce near the afternoon market session on Monday. However, the gold prices remained trading lower due to the strong demand for the US dollar in the market.

According to the Bloomberg US dollar spot index, the greenback was trading 0.39% higher at 99.3380 as of 10:23 p.m. (EDT) on Monday, March 23, amid the dynamic developments over the West Asia crisis.

US stock market snapshot

The benchmark US stock market indices closed in the green zone after surging on Monday’s trading session due to the positive investor sentiment of a near term end to the US-Iran conflict.

The Dow Jones Industrial Average closed 1.38% higher at 46,208.47 points on Monday, compared to 45,577.47 points at the previous market close, according to MarketWatch data. 3M Co., Sherwin-Williams, Home Depot, Caterpillar, and IBM were among the gainers, while UnitedHealth Group, Walt Disney, Travelers Cos, and P&G were among the losers.

The S&P 500 index closed 1.15% higher at 6,581 points, compared to 6,506.48 points in the previous market close. Albemarle Corp., Smurfit Westrock, Qnity Electronics were among the gainers, while Ulta Beauty, Huntington Ingalls Industries and Darden Restaurants were among the losers.

The Nasdaq Composite closed 1.38% higher at 21,946.76 points, compared to 21,647 points at the previous market close. Urban-gro, Mangoceuticals, and PTL were among the gainers, while Hitek Global, Linkers Industries, and Ambitions Enterprise were among the laggards.