Brent crude tops $106 a barrel as markets see no finish in sight to the halt of site visitors by the essential waterway.
Printed On 16 Mar 2026
Oil costs are persevering with to rise as markets see no finish in sight to the efficient closure of the Strait of Hormuz.
Brent crude, an important benchmark for international costs, rose as a lot as 3 % on Sunday to prime $106 a barrel, earlier than easing considerably early on Monday.
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Brent stood at $104.15 a barrel as of 02:00 GMT, up 1 %.
The newest rise got here after US President Donald Trump called on other countries to assist Washington reopen the Strait, which often transports about one-fifth of the worldwide oil provide.
Trump’s proposal has obtained a muted response thus far, with not one of the international locations he appealed to by title – together with China, Japan, France and the UK – publicly committing to deploying their navy to the essential waterway.
In an interview with The Monetary Occasions on Sunday, Trump stated that NATO would face a “very unhealthy” future if his proposal obtained “no response, or if it’s a adverse response”.
Iran has introduced transport within the strait to a standstill in retaliation for the US and Israel’s strikes on the nation, leading to what the Worldwide Power Company has referred to as the biggest disruption to international vitality provides in historical past.
International oil costs have risen greater than 40 % for the reason that begin of the battle, pushing up gas costs and heightening fears of a slowdown within the international financial system.
In response to the UK Maritime Commerce Operations (UKMTO) centre, not more than 5 ships have handed by the strait every day for the reason that begin of the battle, in contrast with a historic common of 138 every day transits.
No less than 16 industrial vessels have been attacked within the area for the reason that battle started on February 28, in keeping with the UKMTO.
Trump has repeatedly stated he’s prepared to deploy the US Navy to escort industrial transport by the strait, which is bordered by Iran, Oman and the United Arab Emirates, if needed.
Trump administration officers have stated that warships won’t be deployed to the waterway till Tehran’s army capability has been additional degraded, however they anticipate such operations to start quickly.
