Oil prices held firmly above $100 a barrel on March 16, 2026, as the ongoing U.S.-Israel war with Iran entered its third week, with Iran's effective blockade of the Strait of Hormuz continuing to choke global supply lines despite President Donald Trump's repeated demands for international help to reopen the vital waterway.
Brent crude, the international benchmark, traded around $103 to $105 per barrel in early Asian and European sessions, according to market data from Reuters and Bloomberg, while West Texas Intermediate hovered near $100 to $101. The surge represents a more than 40% increase since late February, when joint U.S.-Israeli strikes on Iranian targets escalated into full conflict. Prices briefly topped $105 earlier in the week before modest pullbacks amid mixed signals on duration.
