Global oil prices near 100 dollars per barrel amid Middle East conflict

As of March 16, 2026, global oil prices remain near 100 dollars per barrel due to the ongoing conflict in the Middle East. During early trading sessions in Asia at 02:00, U.S. crude oil rose by 0.11 percent to 98.82 dollars, while Brent crude increased by 0.79 percent to 103.95 dollars per barrel. The Strait of Hormuz, a critical maritime route handling one-fifth of global hydrocarbon exports, remains effectively closed. Reports state this closure is part of Iranian efforts to apply pressure on the United States and the global economy. This instability has caused disruptions in U.S. financial markets, raising significant concerns regarding inflation. Consequently, the S&P 500 index declined by more than 0.5 percent following these developments. Market observers continue to monitor the situation as geopolitical tensions persist.