Global oil prices near $98 per barrel amid escalating US-Iran tensions

2026-03-14 - 09:04

LONDON – Oil prices in the global market have surged sharply, with both US crude and the international benchmark Brent approaching $98 per barrel, amid rising tensions between the United States and Iran that have heightened fears of supply disruptions. The increase in prices comes as military activity between the two countries intensifies, raising concerns in global energy markets about the stability of oil supplies. Nearly 20 percent of the world’s oil shipments pass through the Strait of Hormuz, a strategic maritime route that Iran has reportedly closed temporarily, further fueling uncertainty in the global oil market. Energy analysts have warned that if the situation continues and oil exports from Gulf countries remain disrupted, global oil prices could climb to as high as $200 per barrel. They added that prolonged disruptions could significantly reduce global supply by millions of barrels per day. Meanwhile, Türkiye’s transport minister said a Turkish-owned vessel successfully passed through the Strait of Hormuz after obtaining permission from Iranian authorities. According to Turkish media reports, the minister said 15 Turkish commercial ships are still present in the Strait due to the ongoing tense situation. He added that the movement of these vessels is being closely monitored to ensure their safe navigation and return. The minister said the government is taking all necessary measures to safeguard its commercial fleet and crew. The Strait of Hormuz, regarded as one of the world’s most vital oil transit routes, has seen shipping activity affected due to the ongoing regional tensions and the escalating conflict involving Iran. US strike on Iranian school violates laws of war: Human Rights Watch