On March 18, oil prices reached a new high following military operations conducted by the United States and Israel in Iran. As of now, the price of Brent crude oil has exceeded $111 per barrel.
According to recent reports, the ongoing conflict has escalated tensions in the Middle East, with Iran and Israel exchanging strikes on critical energy infrastructure. This has complicated U.S. efforts to stabilize the markets amid rising volatility.
The Ras Laffan industrial complex in Qatar, home to the world’s largest liquefied natural gas export facility, has reportedly sustained significant damage due to the hostilities.
As military actions show no signs of abating, Brent crude prices have begun to climb sharply.
The impact of the conflict on the oil market is profound. Following the strikes on Iranian sites, Tehran announced the closure of the Strait of Hormuz, a vital waterway for global oil trade.
In 2025, approximately 13 million barrels per day, or about 31% of maritime oil shipments, passed through this strait. It serves as a crucial transport route for Arab monarchies, Iraq, and Iran.
U.S. intelligence has also reported the mining of shipping channels. President Donald Trump remarked that if mines were indeed laid, the military consequences for Iran would be unprecedented.
In response to the escalating situation, European countries, including France and Italy, have initiated discreet negotiations with Tehran to ensure safe passage for vessels through the Strait of Hormuz and to restore energy supplies.
The recent military actions by the U.S. and Israel in Iran have led to a significant spike in oil prices, with Brent crude surpassing $111 per barrel. The closure of the Strait of Hormuz by Iran poses serious risks to global oil supply, prompting diplomatic efforts from European nations to mitigate the crisis.