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Brent Rallies To $108

Brent rallies by nearly $10 after Trump address to nation; Venezuela oil exports surpass 1mb/d; China exports rare crude cargo
Published: April 2, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
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This morning Brent crude futures rallied aggressively following Trump’s address on the Iran war, where Jun’26 rallied from $99 to $105 and climbed further into the afternoon, reaching around $108/bbl by 14:30 SGT (07:30 BST).

President Trump said that the US military had nearly accomplished its goals in Iran but declined to offer a concrete timeline for winding down the conflict, stating that the US would continue to hit targets in Iran over the “next two to three weeks”. In other news, in response to fuel supply disruptions linked to the Iran war, New Zealand’s government said it would commit NZ $21.6 million to the rapid expansion of diesel storage at Marsden Point to increase by roughly 90 million litres. Venezuela’s monthly oil exports surpassed 1mb/d in March for the first time since September, with sales to refiners in India and shipments by trading houses to Caribbean for storage pushing up volumes. Colonial Pipeline said on Wednesday it has completed repairs on ‌Line 1, the main gasoline route from the US Gulf Coast to East Coast markets, and restored service after third-party damage in Paulding County, Georgia. PetroChina has supplied a rare cargo of 1.8mb of crude oil from storage in China to its half-owned refinery in Singapore, where the tanker New Merit loaded crude at Dalian, delivering it to Singapore’s Jurong Island. Finally, the Jun/Jul and Jun/Dec Brent futures spreads are at $8.68/bbl and $27.37/bbl respectively.

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