Brent futures jumped $2.74, or 2.7%, to $102.95 a barrel by 0357 GMT, while U.S. West Texas Intermediate crude gained $2.45, or 2.6%, to $95.95. In the previous session, Brent futures settled 2.8% lower while U.S. West Texas Intermediate (WTI) crude slid 5.3% after some vessels sailed through the critical waterway. The Strait of Hormuz - a chokepoint for about 20% of the world's oil and liquefied natural gas trade - has been largely disrupted by the U.S.-Israeli war on Iran, now in its third week, raising concerns about supply shortages, higher energy costs and rising inflation. Middle East crude benchmarks have soared to all-time highs, becoming the most expensive oil in the world, with traders blaming the price spike on reduced supply available for delivery. Israel said it has detailed plans for at least three more weeks of war as its military struck sites across Iran overnight.

Source: The Star March 17, 2026 15:05 UTC