Global Oil Jumps As Iran Conflict Enters Third Week

Oil prices climbed above $105 a barrel Sunday as the war in Iran entered its third week, intensifying concerns about global energy supplies. Brent crude rose 2.9% to about $106.12 a barrel, while U.S. crude increased 2.6% to $101.53, according to CNN.

The conflict involving the United States and Israel against Iran has disrupted traffic through the Strait of Hormuz, a strategic waterway that carries about 20% of the world’s oil supply. Tanker movement has been largely halted since fighting began on February 28.

Oil prices climb past US$105 a barrel as war in Iran enters third week https://t.co/GbDmhNy8Rh

— CTV News Winnipeg (@ctvwinnipeg) March 16, 2026

President Donald Trump called on the international community to help reopen the route. In a Truth Social post Saturday, Trump urged countries to coordinate efforts to restore oil shipments quickly and safely.

According to the report, Iran has laid naval mines in the strait and warned it could strike U.S.-linked energy infrastructure. Several oil tankers have reportedly been hit since the conflict began.

According to AAA, average U.S. gasoline prices have risen 24% to about $3.70 per gallon since the war started.

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Strait Of Hormuz Disruption Renews Debate On U.S. Oil Policy

The war with Iran has revived debate in Washington over whether the United States should restrict crude oil exports to control rising fuel prices. According to a report by Axios, officials in the administration of Donald Trump have examined possible steps to bring down oil costs as global markets tighten.

tippinsightsTIPP Staff