Meanwhile, Trump insists progress is being made in talks the Iranians claim aren't happening: File Image/Pixabay

Schizophrenic analysts, who have for the past few weeks flip-flopped between worrying about a U.S./Iran forever war and the hostilities ending soon, caused oil on Thursday to continue its upward trajectory by reversing the previous session’s sentiment and thinking a truce to the hostilities may be distant.

After U.S. president Donald Trump told media that Iran is “begging to work out a deal," but added "I don’t know if we’ll be able to do that; I don’t know if we’re willing to do that," Brent climbed to over $109 per barrel, and West Texas Intermediate rose near $95 per barrel.

However, Trump went on to state that he was pausing attacks on Iran's energy plants for 10 days until April 6 at the Iranian government's request and urged its leaders to “get serious soon” about negotiations; April 6 is also the deadline given for Iran to re-open the Strait of Hormuz.

Ryan Detrick, chief market strategist at Carson Group, remarked, “This war has really been punishing investor psyches.”

For his part, Maximo Torero, economist for the United Nations’ food and agriculture agency, said  markets would absorb the Iran war’s impact if it ended in the next two weeks or so; but if it continued for three to six months, it would not only impact food security and energy but other sectors too with rising costs.

Not to be outdone in spreading troubling predictions, Goldman Sachs warned that higher crude prices could cost the U.S. 10,000 jobs per month through the remainder of 2026, and added that a hiring boom in shale (which usually accompanies higher prices) would not happen because American oil producers are now leaner and more automated.

Bloomberg noted that options trades in the derivatives market “show bets have risen tenfold in the last few weeks on oil hitting at least $150 a barrel by the end of April, as traders position themselves for near-term volatility.”

The news agency pointed out that this would surpass Brent’s record high of $147 per barrel set in 2008, when booming demand strained supply capacity.

Finally on Thursday, Iran’s “gift to the world” cited by president Trump earlier this week proved to be the Islamic republic allowing 10 oil tankers to pass through the Strait of Hormuz – a sign of progress in ongoing negotiations that the Iranians insist are not taking place.

Julianne Geiger, researcher for Oilprice.com, remarked, “Still, every barrel moving through Hormuz right now is doing so on someone’s terms.”