Oil price today (March 17, 2026): Crude continues to climb amid Hormuz supply crisis; Brent, WTI jump 2%
Oil prices extended their gains as the Middle East conflict intensifies and Strait of Hormuz continues to see disruption, fueling fears of supply disruptions in global markets. On Tuesday, Brent crude futures rose by $2.48, or 2.5%, to $102.69 per barrel at 0058 GMT, while US West Texas Intermediate (WTI) crude advanced by $2.42, or 2.6%, to $95.92 per barrel.
The spike comes as the Strait of Hormuz, a critical transit route responsible for nearly 20% of global oil and liquefied natural gas trade, remains largely disrupted due to the ongoing US-Israel war on Iran, now in its third week.
