Oil Above $100 as US-Iran Signals Clash, Hormuz Toll Claims Denied

Oil prices managed to climb back above $100. The move comes just a day after a more than 10% drop. This is because traders reversed positions following conflicting signals from the US and Iran. Early optimism around potential talks faded quickly after Tehran denied any engagement. This left traders confused and pulled the oil market volatility back into focus.

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Brent Crude Price Rebounds as US-Iran Signals Clash and Shipping Risk Persists

Brent crude rose over 2% and surged to a high of $100.16. At press time, however, it saw a slight correction and dipped to $98.22. The contract had previously touched $113 after escalation threats around the Strait of Hormuz. This shows how sensitive prices remain to geopolitical signals.

Iranian Parliament Speaker Mohammad Bagher Ghalibaf dismissed claims of talks with the US as “fake news.” He suggested that they were intended to influence financial and oil markets.

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No $2 Million Fee, Iran Says

The Strait of Hormuz remains the key pressure point. This narrow waterway carries about 20% of the global oil supply. The flows have slowed since the conflict escalated in late February. Earlier this week, reports suggested that the last two Gulf LNG tankers left the strait. Tankers are facing delays, insurance costs have surged, and even limited disruption has been enough to keep oil going back above $100.

At the same time, unverified claims started circulating in the market. Posts suggested that Iran had imposed a $2 million transit fee on ships crossing the Strait of Hormuz. This further added to supply concerns. The claim spread quickly before being pushed back by Iran’s embassy in New Delhi, India. They said the reports were “unfounded.”

In response to certain claims regarding the alleged receipt of a sum of 2 million dollars by the Islamic Republic of Iran from vessels transiting the Strait of Hormuz, it is emphasized that such claims are unfounded. The statements made in this regard merely reflect the personal…

— Iran in India (@Iran_in_India) March 23, 2026

The claims, however, are not entirely disconnected from broader policy thinking. Iranian lawmakers have said parliament is considering charging tolls on ships using the strait. This move could formalize control over a key chokepoint, according to Reuters. No measure as such has been implemented so far. Speaking about Iran’s hold on the strait, Sultan Ahmed Al Jaber, CEO of Abu Dhabi National Oil Company, said,

“Let me be absolutely clear, weaponizing the Strait of Hormuz is not an act of aggression against one nation. It is economic terrorism against every nation, and no country should be allowed to hold Hormuz hostage — not now, not ever.”

Right now, the market is reacting to everything at once. Supply through the Strait of Hormuz is still constrained, and mixed signals from Washington and Tehran are not helping. Oil prices are moving as much on what is being said as on what is actually going on.

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