Global oil prices remain near $100 amid Middle East conflict and Strait of Hormuz closure

As of March 16, 2026, global oil prices have remained near $100 per barrel due to the ongoing Middle East conflict. The International Energy Agency (IEA) reported that the near-total closure of the Strait of Hormuz by Iran has disrupted approximately 15 million barrels of crude oil and 5 million barrels of petroleum products per day. In response, member states of the IEA have initiated the collective release of 400 million barrels from strategic reserves to mitigate supply shortages. This volume is theoretically sufficient for 26 days of supply, reflecting ongoing market anxiety. Reserves from Asia and Oceania are being released immediately, while those from the Americas and Europe are expected to arrive by late March. Additionally, reports indicate threats from former U.S. President Donald Trump regarding potential strikes on Kharg Island, a key Iranian export hub. These market disruptions have negatively impacted U.S. financial markets, with the S&P 500 falling over 0.5% due to inflation concerns.