Global oil markets experienced a sharp rise after a joint US-Israel attack on Iran, pushing Brent crude futures above $115 per barrel early Thursday, March 19, 2026. The escalation followed Iran’s obstruction of shipping through the Strait of Hormuz and retaliatory strikes on oil and gas facilities in four Gulf countries, creating widespread market instability. Gas prices also jumped by nearly 30 percent, according to Al Jazeera.

Vandana Hari, founder of Vanda Insights, told Al Jazeera that Middle Eastern benchmark oils such as Oman and Dubai crude have already exceeded $150 per barrel. She noted that while Brent and West Texas Intermediate have not yet reached that level, $200 per barrel no longer seems distant. Hari added that future price movements depend largely on how long the Strait of Hormuz remains closed.

Analysts warn that prolonged disruption in the Strait could drive energy prices even higher, intensifying global economic pressure if the regional conflict continues.