Brent crude tops $106 a barrel as markets see no finish in sight to the halt of site visitors by the essential waterway.
Published On 16 Mar 2026
Oil costs are persevering with to rise as markets see no finish in sight to the efficient closure of the Strait of Hormuz.
Brent crude, an important benchmark for world costs, rose as a lot as 3 p.c on Sunday to prime $106 a barrel, earlier than easing considerably early on Monday.
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Brent stood at $104.15 a barrel as of 02:00 GMT, up 1 p.c.
The newest rise got here after US President Donald Trump called on other countries to assist Washington reopen the Strait, which normally transports about one-fifth of the worldwide oil provide.
Trump’s proposal has acquired a muted response to this point, with not one of the nations he appealed to by identify – together with China, Japan, France and the UK – publicly committing to deploying their navy to the essential waterway.
In an interview with The Financial Times on Sunday, Trump stated that NATO would face a “very bad” future if his proposal acquired “no response, or if it’s a negative response”.
Iran has introduced delivery within the strait to a standstill in retaliation for the US and Israel’s strikes on the nation, leading to what the International Energy Agency has referred to as the most important disruption to world power provides in historical past.
Global oil costs have risen greater than 40 p.c for the reason that begin of the battle, pushing up gasoline costs and heightening fears of a slowdown within the world economic system.
According to the United Kingdom Maritime Trade Operations (UKMTO) centre, not more than 5 ships have handed by the strait every day for the reason that begin of the battle, in contrast with a historic common of 138 each day transits.
At least 16 business vessels have been attacked within the area for the reason that battle started on February 28, in accordance with the UKMTO.
Trump has repeatedly stated he’s keen to deploy the US Navy to escort business delivery by the strait, which is bordered by Iran, Oman and the United Arab Emirates, if obligatory.
Trump administration officers have stated that warships won’t be deployed to the waterway till Tehran’s army capability has been additional degraded, however they anticipate such operations to start quickly.
