Image: Sahifa Mal

Global Oil Soars Past $100 as US-Israeli War Shuts Hormuz

03 April, 2026.Finance.17 sources

Key Takeaways

Oil prices rise above $100 per barrel amid Middle East conflict and Hormuz disruption.
Closure of the Strait of Hormuz threatens ongoing global oil supply and market stability.
Pakistan and Africa raise fuel prices amid surging oil costs.

US-Israeli Attacks Shut Hormuz

US and Israeli forces struck Iran's oil infrastructure and closed the Strait of Hormuz, shuttering about 20% of the world's oil supply.

“The United States and Israel began their attacks on Iran one month ago”

Brookings

Brent crude jumped above $114 and WTI topped $110.

Brookings

Israel deployed land forces into Iran to secure production hubs.

Markets React to Hormuz Closure

The Strait of Hormuz closure sent shockwaves through global supply chains beyond oil.

European gas prices jumped over 50%.

Carnegie Endowment for International Peace

African governments began imposing sharp fuel price hikes.

War's Multiplier Effect

The coalition extended strikes to the Suez Canal and Panama Canal.

“President Donald Trump has doubled down on the U”

CNBC

WTO projected global economic growth to slow by one percentage point in 2026.

Major retailers warned of product shortages.

Oil Markets Brace for Months

Even a swift end to military operations would not resolve the oil disruption.

Damaged infrastructure means supply and price volatility could last for months.

CNN Al-Iqtisadiyah

Some Gulf producers were preemptively cutting output.

Divergent Political Lenses

Anglo-American outlets primarily focused on Trump's narrative.

“Global supply chains in chaos after one month of conflict in the Middle East The Middle East conflict and effective closure of the Strait of Hormuz have emphasised the global economy’s dependence on exports from Gulf Cooperation Council (GCC) countries– not only in oil and gas, but also in other products – which are crucial to various supply chains”

Credendo

West Asian and Russian sources foregrounded the consequences of American and Israeli aggression.

Credendo

African media paid more attention to petroleum supply disruptions and price shocks.

Price Surge Amid Uncertainty

Brent crude surged past $113.

WTI topped $110, a level unseen since early 2025.

Buyers in Houston paid nearly $120, a premium reflecting acute supply uncertainty.

Unpacking Divergent Coverage

Finversia framed the surge primarily as a geopolitical spectacle.

“Analysts say the global oil market faces months of disruption from damaged infrastructure, a slow reopening of the Strait of Hormuz, and drawn-down reserves”