Oil Prices Surge Again as War Disrupts Global Supply, Brent Reaches 106 US Dollars Per Barrel
Jakarta — Global oil prices have risen to their highest level since July 2022 on Sunday evening following the Trump administration’s statement that a conflict with Iran could persist for several more weeks. Trump has also called on the international community to assist in reopening the Strait of Hormuz for oil tankers.
According to CNN, on Monday (16 March 2026), Brent crude, the global benchmark, rose 2.9 percent to approximately 106.12 US dollars per barrel on Sunday (15 March 2026) evening. Meanwhile, United States crude oil rose 2.6 percent to 101.53 US dollars per barrel.
The US and Israeli-led conflict in Iran has now entered its third week, causing the largest oil supply disruption in history. The Strait of Hormuz, the vital waterway controlled by Iran, has been effectively closed to oil tankers since the conflict began. Approximately 20 percent of global oil supply transits through this narrow strait.
The Trump administration has repeatedly attempted to allay concerns regarding oil shipments. Trump stated that the United States would deploy naval forces to escort and protect oil tankers as they depart the Middle East region. However, the administration has also acknowledged that the navy may require several weeks before it is ready to undertake this mission.
In a post on the Truth Social platform on Saturday, Trump called on other nations to help coordinate the reopening of the strait to restore oil supply flows, “so that everything proceeds quickly, smoothly, and well.”
Oil prices are typically more volatile during trading outside primary trading hours as speculators hedge their positions when trading volumes are lower. On Sunday of the previous week, oil prices nearly reached 120 US dollars per barrel before eventually stabilising around 100 US dollars on Monday.
Trump reiterated in the same post that the United States would coordinate with regional nations to restore oil flows, “so that everything proceeds quickly, smoothly, and well.”
However, Iran has escalated pressure, including by placing mines in the strait and declaring its intention to attack oil and gas infrastructure linked to the United States. Since the conflict began on 28 February, several oil tankers have been reported attacked in the Strait of Hormuz.
The United States has also conducted bombing operations on Kharg Island, which serves as the centre of much of Iran’s oil production. Nevertheless, the Trump administration has stated that it is for now exercising restraint from attacking Iran’s major oil production facilities.