Crude Oil Prices Today March 16 Check Brent Oil WTI Oil Level Iran War Strait Of Hormuz Impact
Key Takeaways
- WTI crude rose above $100, peaking near $102.4 per barrel.
- Brent crude traded around $104 per barrel following earlier gains.
- Iran tensions and Strait of Hormuz risk cited as price drivers.
Oil prices surge
Crude oil prices remained elevated in early Asian trading after US strikes on Iran's Kharg Island over the weekend, as the conflict in the Gulf entered its third week.
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West Texas Intermediate futures climbed to as high as $102.4 per barrel before turning lower, while Brent traded around $104 a barrel after earlier adding as much as 3.3%.
Brent rallied 11% last week, hitting a high of $119.50 a barrel — back toward levels seen after Russia's invasion of Ukraine — before closing just above $103.
Iranian retaliation and Trump threat
Iran carried out retaliatory attacks on Israel and Arab states after the US struck military sites on Kharg Island.
President Donald Trump also warned that Iran's energy infrastructure on the island, which handles roughly 90% of the country's oil exports, could be targeted if Tehran interferes with transit through the Strait of Hormuz.
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UAE resumes Fujairah loading
The United Arab Emirates resumed loading operations at Fujairah on Sunday, a day after a drone strike caused interruption and choked off shipments from the country's only export route while the strait stays blocked.
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IEA note and scope
The bombing of Kharg Island added to the scope of the conflict, which the International Energy Agency last week said has already caused the