US-Iran Conflict Triggers Supply Concerns as Oil Price Breaches 102 Dollars

Global crude oil prices rose more than two per cent during early Tuesday trading (17 March), after having weakened in the previous session. The increase was driven by market concerns over supply disruptions resulting from conflicts in the Middle East.

According to Reuters reports, Brent crude oil climbed 2.48 dollars or 2.5 per cent to 102.69 dollars per barrel. Meanwhile, West Texas Intermediate (WTI) crude strengthened by 2.42 dollars or 2.6 per cent to 95.92 dollars per barrel.

Previously, during Monday trading (16 March 2026), Brent crude fell 2.8 per cent, whilst WTI declined as much as 5.3 per cent after several vessels were reported still able to transit through major shipping routes.

Market concerns have intensified as activity in the Strait of Hormuz, a strategically vital waterway through which approximately 20 per cent of global oil and liquefied natural gas trade passes, faces disruptions. This disruption has been triggered by the ongoing conflict between the United States and Israel against Iran, now entering its third week.

The situation has raised concerns about potential supply shortages, energy cost surges, and global inflationary pressures.

Market analyst from IG, Tony Sycamore, stated that risks in the region remain elevated. “The risks remain substantial. It would take only one missile or mine attack against tanker vessels to trigger renewed conflict escalation,” he stated.