Crude Oil Surges Past $100 Mark as Iran-Israel Conflict Disrupts Hormuz Strait
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TLDR Brent crude surged past $104 per barrel while WTI approached $97 amid continued Iranian strikes on regional energy facilities UAE’s Shah gas field operations halted and Fujairah port crude shipments suspended following attacks Approximately 20% of worldwide oil supply affected as the Strait of Hormuz blockade persists Energy prices have surged over 40% in the three weeks since hostilities commenced Central banks worldwide, including the Federal Reserve, ECB, and Bank of Japan, convene this week amid mounting energy-fueled inflation worries Energy markets experienced another dramatic surge on Tuesday following a short-lived decline, as the three-week conflict involving the United States, Israel, and Iran shows no indication of de-escalation. Brent crude broke through the $104 per barrel threshold while West Texas Intermediate climbed to approximately $97. The gains came after both benchmarks experienced Monday declines of 3-5%. [[IMG_0]]Brent Crude Oil Last Day Financ (BZ=F) Iranian forces maintained their campaign targeting energy installations throughout the Middle East. Operations at the UAE’s Shah gas field were forced to cease. Drone and missile strikes also damaged an oil production facility in Iraq. According to documentation from Inchcape Shipping Services, crude oil loading operations at Fujairah port in the United Arab Emirates have been suspended once more. Both the UAE and Kuwait have announced additional production cuts as defensive measures against the persistent assault. Oil markets have experienced gains exceeding 40% since the conflict’s outbreak, despite Monday’s temporary retreat following Washington’s announcement of releasing initial emergency petroleum reserves. Hormuz Strait Remains Central Flashpoint The strategically vital Strait of Hormuz, through which roughly one-fifth of global petroleum supplies transit, continues to face severe disruption. Iranian authorities effectively sealed the waterway earlier this month. Limited advancement occurred Monday when tankers bearing Indian and Pakistani flags managed successful passage. Tehran has indicated willingness to permit selective vessel…
Filed under: News - @ March 17, 2026 12:25 pm