16th March 2026 – (New York) Oil prices hovered around the $100 mark on Monday as markets reacted to escalating tensions surrounding Iran’s energy infrastructure, with trading remaining volatile in early Asian hours.
US benchmark West Texas Intermediate fell 0.6% to $98.14 per barrel, after briefly topping $100 overnight, while Brent crude, the international benchmark, stood at $103.17, broadly unchanged. Prices remain significantly higher than levels recorded before the conflict began three weeks ago.
The recent surge follows US military strikes on Iranian military targets on Kharg Island, which handles roughly 90% of Iran’s crude exports. President Donald Trump has warned that Washington could extend attacks to oil export facilities if Tehran continues to target tankers transiting the Strait of Hormuz.
Iran produces about 3.2 million barrels of oil per day and exports approximately 1.5 million barrels daily. Analysts at JPMorgan cautioned that a direct strike on Kharg Island’s export terminal could immediately halt most of those shipments, potentially provoking severe retaliation against energy infrastructure across the region.
Shipping flows through the Strait of Hormuz — a conduit for around one‑fifth of global oil supply before the conflict — have slowed dramatically amid attacks on tankers. The disruption has contributed to oil prices rising by more than 40% since hostilities escalated, with Brent crude closing above $100 last week for the first time in four years.
The rally has persisted despite coordinated action by more than 30 countries to release 400 million barrels of emergency reserves, the largest such intervention on record. The United States is contributing 172 million barrels from its Strategic Petroleum Reserve, while Asian nations are set to begin releasing stockpiles immediately, followed by Europe and the Americas later this month under the supervision of the International Energy Agency.
US Energy Secretary Chris Wright acknowledged that price movements remain uncertain, warning that there are “no guarantees in wars”, though he argued the situation would be significantly worse without recent military action.
Meanwhile, major Asian equity markets edged higher in early trading. South Korea’s Kospi rose about 1%, while Japan’s Nikkei 225 added 0.2%, although both indices have recorded sharp losses since the outbreak of fighting.
