economy
March 15, 2026
Oil poised for further gains as Middle East conflict threatens export facilities
Brent and U.S. crude futures have already spiked, surging more than 40% so far this month to their highest levels since 2022.
TL;DR
- The U.S.-Israeli war against Iran has entered its third week, putting oil infrastructure at risk and keeping the Strait of Hormuz shut.
- The International Energy Agency will release 400 million barrels of oil reserves to combat price spikes.
- Global benchmark Brent crude oil closed above $100, and U.S. West Texas Intermediate crude also climbed.
- President Trump threatened more strikes on Iran's Kharg Island oil export hub, leading to Iranian drone attacks on Fujairah.
- Oil loading operations at Fujairah have resumed.
- Global oil supply is expected to fall by 8 million barrels per day in March.
- U.S. Energy Secretary expects the war to end within weeks, leading to a rebound in oil supplies and decline in energy costs.
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