Smoke rises in the Fujairah oil industry zone, caused by debris after the interception of a drone on March 14. - Staff/ReutersBrent crude held above $100 a barrel as Iran stepped up attacks on key energy infrastructure in the Middle East and U.S. allies rebuffed President Trump’s call to help reopen the Strait of Hormuz. Meanwhile, Iran continues to export oil, with shipments from Kharg Island—the nation’s key energy hub—resuming Sunday after a two-day interruption due to U.S. strikes, according to Kpler data. With no immediate resolution in sight for disruptions at the Strait of Hormuz, market watchers say oil prices are unlikely to ease anytime soon. Until flows through the strategic chokepoint resume, further price highs might still be ahead, even with the International Energy Agency’s record release of oil reserves.

Source: Wall Street Journal March 17, 2026 12:38 UTC