Oil prices jump 2%, Brent crude maintains above $100 per barrel, Iran supply concerns persist

LootboxPhobia · 2026-03-17T01:24:13+00:00

On Tuesday during Asian early trading, oil prices surged sharply amid concerns over supply disruptions caused by the U.S. and Israel's conflict with Iran, with Brent crude breaking through $100 per barrel. Although some vessels are transiting the Strait of Hormuz, the vital shipping lane remains largely closed, and with the conflict continuing to escalate, global central banks will hold meetings this week to address inflationary pressures stemming from the war.

LootboxPhobia

2026-03-17 01:24:13

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Investing.com - During Tuesday’s Asian morning trading, oil prices surged significantly, with Brent crude remaining above $100 per barrel, as concerns over supply disruptions caused by the US-Israel conflict with Iran continue to intensify.

After falling 5% in the previous trading session, crude oil prices rebounded, with reports indicating some ships successfully passed through the Strait of Hormuz. However, the strait remains largely blocked, and calls from the US for allies to assist in monitoring the passage have mostly been rejected.

As of 20:33 Eastern Time in the US (00:33 Beijing Time), Brent crude futures rose 2.1% to $102.28 per barrel, and US WTI crude futures increased 2.2% to $94.50 per barrel.

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On Tuesday, hostility between the US, Israel, and Iran showed little sign of easing, with the conflict entering its third consecutive week. After the US and Israel attacked Iran’s main export terminal at Kharg Island last week, Iran threatened to target industries related to the US in the Middle East.

US President Donald Trump called on at least seven countries (including China) over the weekend to help reopen the Strait of Hormuz trade route. However, his appeal was largely rejected, with several US allies stating they have no immediate plans to send ships to the Middle East.

The closure of the Strait of Hormuz has been a major focus of this conflict, as it accounts for about 20% of global oil supplies. Iran had effectively blocked the strait earlier this month.

However, reports on Monday indicated that some gas and oil tankers flying Indian and Pakistani flags successfully passed through the strait. Iran previously stated it would allow ships from certain countries to pass and would attack any vessels related to the US and its allies.

The inflationary effects caused by the Iran conflict remain a key concern for markets, with worries that energy-driven inflation will prompt global central banks to adopt more hawkish measures.

Several major central banks, including the Federal Reserve, the European Central Bank, and the Bank of Japan, are scheduled to hold meetings this week.

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