Crude Oil Surges Above USD 103 Barrel As Iran Warns Strait of Hormuz May Not Return to Pre-War Status
Crude oil prices in the international markets surged again to as high as USD 103 per barrel on Wednesday after Iranian parliamentary speaker Mohammad Baqer Qalibaf indicated that the situation in the Strait of Hormuz would not return to normal.
New Delhi, March 18: Crude oil prices in the international markets surged again to as high as USD 103 per barrel on Wednesday after Iranian parliamentary speaker Mohammad Baqer Qalibaf indicated that the situation in the Strait of Hormuz would not return to normal. These remarks have heightened uncertainty over the safe passage of vessels through the crucial energy corridor. In a post on X, Qalibaf said, "The Strait of Hormuz situation won't return to its pre-war status."
His statement comes amid escalating tensions in the region following ongoing military confrontations involving the United States, Israel and Iran, raising serious concerns about the stability of global energy supply chains. During Wednesday's trading session, crude oil prices touched USD 103.45 per barrel, reflecting sustained upward pressure in global markets. Prices have surged by more than 40 per cent in just 17 days due to the ongoing conflict, which has disrupted energy supply routes through the Strait of Hormuz and significantly impacted global energy markets, particularly in Asia. Crude Oil Prices Jump Nearly 3%: Brent Hits USD 103.20, WTI at USD 96.36 Amid Strait of Hormuz Supply Fears.
Before the beginning of the war, crude oil prices in international markets were trading at around USD 73 per barrel on February 27. However, by Saturday, prices had risen sharply to around USD 103 per barrel. The increase from USD 73 to USD 103 per barrel marks an absolute rise of USD 30, translating into a percentage increase of approximately 41.1 per cent in a short period. The recent escalation in military conflict between the United States and Iran began on February 28, when U.S. and Israeli forces launched wide-ranging, direct attacks on Iranian military assets and leadership. Iran's Supreme Leader Ayatollah Ali Khamenei was also killed in the US-Israel-led strikes. Crude Oil Prices Surge: WTI Hits USD 102.44, Brent USD 104.79 as US Strikes Iran’s Kharg Island Amid Persian Gulf Tensions.
The sharp spike in crude oil prices reflects growing concerns over global energy supply disruptions as tensions continue to escalate in the Middle East. The Strait of Hormuz, a critical route for global oil transportation, remains at the centre of these concerns.
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