Oil holds near $100 as Middle East conflict fuels supply fears

Saturday, 14 March 2026 00:00 - - {{hitsCtrl.values.hits}}

Brent crude remained close to $ 100 per barrel on Friday as global oil markets continued to react to the escalating conflict involving the United States, Israel and Iran, which is now approaching a third week.

Brent futures slipped 1.13% to $ 99.32 per barrel in early trading, after closing above the $ 100 mark on Thursday. U.S. West Texas Intermediate (WTI) crude declined 2.07% to $ 93.75 per barrel.

Despite the slight pullback on Friday, oil prices are still heading for another week of gains. Brent has risen more than 9% this week following last week’s 27.9% surge, which marked the largest weekly increase since the COVID-19 pandemic in 2020.

WTI futures, which recorded their strongest weekly performance since 1983 in the previous week, are on course to end this week about 5.8% higher.

Market sentiment continues to be shaped by developments in the Middle East conflict, particularly concerns over disruptions to global oil flows through the Strait of Hormuz, one of the world’s most critical shipping routes for crude exports.

Reports this week indicated that several foreign vessels operating near the Strait of Hormuz had been struck by ammunition amid the escalating tensions, heightening fears that prolonged instability could lead to a broader energy supply shock.

Oil prices have remained elevated despite efforts to stabilise markets. The International Energy Agency recently agreed to release a record 400 million barrels of crude from emergency reserves, while the United States temporarily eased certain restrictions on Russian oil exports.

Investors are increasingly concerned that the conflict could last longer than initially expected, raising the risk of tighter supply conditions and further volatility in global energy markets. Industry executives have also warned that the current disruption could have significant consequences for global oil availability if the conflict continues.

Energy market participants are now closely monitoring developments in the Middle East, particularly the security of shipping routes in the Gulf region, which handles a significant share of the world’s oil trade.