Oil Prices Rise Over 3 Per Cent Following Renewed Iranian Attacks on UAE
NEW YORK — Global crude oil prices rose more than 3 per cent at the end of trading on Tuesday, 17 March 2026 (local time) or Wednesday morning, 18 March 2026 (Indonesian time).
The increase was driven by heightened market concerns regarding disruptions to global supply following Iran’s renewed attacks on the United Arab Emirates (UAE).
According to Reuters, Brent crude oil futures prices rose by $3.21 or 3.2 per cent to $103.42 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil futures in the United States rose by $2.71 or 2.9 per cent to $96.21 per barrel.
Attacks on oil facilities and shipping disruptions in the Strait of Hormuz have intensified market concerns regarding global energy supply. The Strait of Hormuz is a vital passage through which approximately 20 per cent of global oil and liquefied natural gas trade flows, making any disruptions in this region have significant impact on global energy prices.
Tony Sycamore, an analyst at IG Markets, stated that the risk of conflict escalation remains very high in the region and could trigger further oil price surges. “The risk remains substantial; it only takes one Iranian militia group to fire a missile or lay mines on tanker ships passing through to spark a broader crisis,” he said.
Iran reportedly attacked the UAE again on Tuesday, causing partial disruptions to oil loading activities at Fujairah port. This third attack in four days even triggered a fire at an export terminal.
Fujairah port, located in the Gulf of Oman just outside the Strait of Hormuz, is a critical exit point for oil supplies equivalent to approximately 1 per cent of global demand. An effective closure of the Strait of Hormuz has forced the UAE, OPEC’s third-largest oil producer, to cut production by more than half.
This situation has caused Middle Eastern benchmark crude oil prices to surge to record highs, becoming the most expensive in the world owing to reduced available supply. On the other hand, oil shipment disruptions are expected to be severe despite some tanker ships beginning to transit the Strait of Hormuz again.