Oil prices jump to new highs as conflict in Iran escalates
Photo: Oil prices are rising (Getty Images)
Today, March 18, oil prices hit a record high following the start of the US and Israeli operation in Iran. At present, the price exceeds $111 per barrel, according to Investing and Reuters.
According to the latest data, Brent crude is currently trading above $111 per barrel.
Reuters notes that Iran and Israel have exchanged strikes on key energy infrastructure in the Middle East, complicating US efforts to contain market turbulence.
The Ras Laffan industrial complex in Qatar, home to the world’s largest liquefied natural gas export facility, has sustained significant damage.
As the military operation shows no signs of easing, the agency reports, Brent crude prices have surged sharply.
Impact of the Iran war on the oil market
Following US and Israeli strikes on Iranian facilities, Tehran announced the closure of the Strait of Hormuz. This strait, located between Iran and Oman, is one of the key routes for global oil trade.
In 2025, around 13 million barrels per day — approximately 31% of seaborne oil shipments — passed through it. The Strait is a major transport artery for Arab monarchies, Iraq, and Iran.
US intelligence has also reported the mining of the shipping channel. US President Donald Trump stated that if mines were indeed deployed, "consequences to Iran will be at a level never seen before."
European countries, including France and Italy, have begun non-public negotiations with Tehran to ensure the safe passage of vessels through the Strait of Hormuz and restore energy supplies.
Last week, the US Treasury temporarily eased sanctions on Russia, allowing the export of already shipped oil and petroleum products for 30 days.
According to Reuters, after a four-month pause, China is preparing to resume purchases of Russian oil to avoid shortages caused by the war in Iran.
