Global oil prices are rising amid fears of an energy blockade — Reuters
On Monday, March 23, 2026, the global energy market is showing steady growth in commodity prices.
A key destabilizing factor has been a new round of conflict in the Middle East and direct threats to destroy the region’s energy infrastructure.
According to Reuters, Brent crude oil futures rose by 65 cents, reaching $112.84 per barrel.
U.S. West Texas Intermediate (WTI) crude also gained in price, settling at $98.75 per barrel.
The market reacted immediately to a statement made by U.S. President Donald Trump on Saturday evening.
The U.S. president threatened to “destroy” or “wipe off the face of the earth” key Iranian power plants if Tehran does not ensure the full opening of the Strait of Hormuz within 48 hours.
The Strait of Hormuz remains a critically important artery through which about 20% of the world’s oil and liquefied natural gas passes.
Any blockage of this route poses unprecedented risks to the stability of fuel supplies to the global market.
At the same time, Washington is attempting to balance the situation by temporarily lifting sanctions on the sale of Iranian oil already at sea.
U.S. Treasury Secretary Scott Bessent stated that this move would allow approximately 140 million barrels to be released onto the market in order to “use Iranian barrels against Tehran itself to keep prices in check.”
Currently, investors are weighing these measures to counter the shortage against the real threat of large-scale hostilities.
Tehran has already warned that any attack on its infrastructure will trigger retaliatory strikes against energy facilities and desalination plants in the Persian Gulf countries.
Analysts note that the price gap between Brent and WTI has exceeded $13, a record high in recent years.
As a reminder, Zelenskyy called for the confiscation of oil from sanctioned tankers.
Oil prices are also holding above $100 following the resumption of Iraqi shipments.
