Global Oil Prices Surge Past US$114, Becoming the Shiniest Asset Amid War
Global oil prices continue to draw worldwide attention. During Friday’s trading session on 27 March 2026, energy prices recorded a sharp surge, driven by sentiments of escalating conflict in the Middle East that continue to trigger volatility in global markets.
Citing Anadolu, Brent crude oil prices rose 5.7% to US$114.20, or approximately Rp1.93 million (estimated exchange rate of Rp16,980 per US dollar) per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil posted a 6.18% jump, breaking through US$100, or about Rp1.69 million per barrel.
This oil price surge is occurring alongside the ongoing conflict involving Iran since late February 2026. The latest attacks by the United States (US) and Israel on targets in Iran, as well as Iran’s retaliatory actions targeting energy infrastructure in the Gulf region, have disrupted the global commodity supply chain.
Since late February this year, Brent oil prices have risen around 45%, while for March 2026 alone, the increase has exceeded 50%. This surge surpasses the record from September 1990, when Brent oil rose 46%.
The Guardian reported that Brent prices once touched US$119.50 per barrel, the highest level since June 2022. This jump occurred after Iran nearly closed the Strait of Hormuz, a vital route through which about one-fifth of the world’s oil and gas supplies pass.
Amid this geopolitical turmoil, oil has become one of the best-performing assets in global markets, outperforming other instruments that are instead pressured by rising uncertainty.
Gold has failed to live up to its reputation as a safe-haven asset against inflation. Spot gold prices have fallen nearly 15% since early March 2026, nearly matching the worst monthly decline in 2008.
Some investors may be forced to sell gold to cover losses or margin calls on other market positions. The prolonged conflict is expected to remain a key driver of oil prices in the near term, alongside growing concerns over inflation and global economic stability.
Efforts to ease tensions have emerged, including statements from President Donald Trump regarding negotiations with Iran. However, recent developments indicate that market pressures are still ongoing.