Crude prices have surged more than 17% since the International Energy Agency (IEA) announced the emergency release on Wednesday, with Brent oil prices closing above $100 on Friday for the second session in a row. While traders initially believed the closure of the Strait of Hormuz might be short-lived, market participants are now bracing for a longer-term disruption. In response, US President Donald Trump posted on social media that preventing Iran from possessing a nuclear weapon is more important to him than rising oil prices. Egypt is moving on several levels to secure fiscal and energy resilience in anticipation of further repercussions from the war. To further bolster energy security, Egypt has operationalised its electricity interconnection project with Saudi Arabia, allowing for a daily exchange of power.

Source: Daily News Egypt March 14, 2026 15:37 UTC