Global crude oil prices rose above $110 per barrel on March 27, 2026, as fears of supply disruptions in the Middle East intensified. Brent crude futures reached $110.12 per barrel, while U.S. benchmark West Texas Intermediate stood at $94.85. The market is assessing the risk of prolonged supply interruptions, particularly through the Strait of Hormuz, a vital corridor for global oil and LNG shipments.

The ongoing conflict in the Middle East has created severe instability in energy markets. The Strait of Hormuz, which typically handles about one-fifth of the world’s crude oil and LNG flows, is now under heavy strain, with traffic reportedly near a standstill. Investors are focusing more on the potential for a long-term conflict than on daily diplomatic developments.

According to the International Energy Agency, the current supply shock is more severe than the combined impact of the 1970s oil crisis and the Russia-Ukraine gas disruptions. Reuters reported that global oil supply has fallen by about 11 million barrels per day.