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. The disruption is primarily caused by the near-total closure of the Strait of Hormuz by Iran, a route that carries roughly one-fifth of global oil trade. This situation has cut approximately 15 million barrels of crude and 5 million barrels of oil products from the daily market. In response, member nations of the International Energy Agency (IEA) have authorized the release of 400 million barrels from strategic reserves, the largest such collective action in history. Market analysts note that these reserves are expected to provide supply for only about 26 days. Meanwhile, U.S. crude benchmarks were trading around 98.82 dollars and Brent near 103.95 dollars as of early morning Asian market hours. While international oil majors with assets in the Gulf face operational difficulties, U.S. shale producers are projected to see significant financial gains, with estimates suggesting potential windfall profits exceeding 60 billion dollars if prices remain at these levels. The uncertainty has caused general market volatility, leading to a decline in the S&P 500 index.