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Brent Rebounds to $109/bbl

Brent rebounds to $109; de-escalation messaging limiting upside; Saudi warns $180 oil if disruptions persist
Published: March 20, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
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This morning Brent futures found support at $105/bbl, rebounding to $109/bbl by 17:00 SGT (09:00 GMT).

Prices remain nearly $10 below yesterday’s highs on de-escalation messaging by the US and Israel, where Treasury Secretary Scott Bessent suggested Washington may lift sanctions on Iranian oil at sea, while Israeli Prime Minister Benjamin Netanyahu said Iran can no longer enrich uranium or produce ballistic missiles. In the news, the Wall Street Journal reported that Saudi officials have warned oil could hit $180 if disruptions persist until April. The International Energy Agency said Japan, Canada, and South Korea will be among the main contributors to an emergency oil stockpile release, aiming to stabilize the market. Kuwait’s 346kb/d Mina Al-Ahmadi refinery was attacked for the second consecutive night. The Treasury Department added Cuba to a list of countries restricted from taking delivery of Russian oil after a tanker of the fuel appeared to be headed to the island. Meanwhile, the Treasure has extended a sanctions waiver for Serbia’s Russian-owned NIS until April 17, giving the Balkan country more time to import crude oil amid the conflict. The Middle East war and closure of the Strait of Hormuz have prompted S&P Global Energy to tweak the Dubai crude benchmark, suspending the Murban pricing floor to maximise deliverable supply amid regional disruptions and surging oil prices. Finally, the May/Jun and May/Nov Brent futures spreads are at $4.57/bbl and $22.81/bbl respectively.

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