Crude Oil Prices Climb Over 2% to $102.69 Amid Iran War Supply Fears

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Oil Surges Over 2% to $102.69 Amid Iran War, Strait of Hormuz Supply Fears

A Crude Oil Drilling Platform. (File Photo)

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News18•17-03-2026, 07:46

Oil Surges Over 2% to $102.69 Amid Iran War, Strait of Hormuz Supply Fears

•Brent crude jumped 2.5% to $102.69, WTI gained 2.6% to $95.92, reversing previous session's losses.
•Strait of Hormuz, vital for 20% of global oil/LNG trade, largely disrupted by U.S.-Israeli war on Iran.
•U.S. allies rebuffed Donald Trump's call to send warships to escort tankers, drawing criticism.
•UAE, OPEC's third-largest producer, halved output due to the strait's effective closure.
•Banks like Bank of America and Standard Chartered raised long-term oil price forecasts amid prolonged disruption fears.

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