Global oil prices saw a slight decline on Friday, March 20, 2026, following weeks of volatility driven by ongoing geopolitical conflict in the Middle East. The closure of the Hormuz Strait, a key route for about 20 percent of global oil supply, and attacks on energy infrastructure had earlier pushed crude prices above 119 dollars per barrel. Brent crude fell 0.6 percent to 108 dollars per barrel, while U.S. benchmark WTI dropped 1.1 percent to 94.6 dollars.

Goldman Sachs warned that disruptions in energy supply could persist until 2027, keeping Brent prices above 100 dollars for an extended period and possibly surpassing the 2008 record of 147 dollars if conditions worsen. Meanwhile, Qatar’s Ras Laffan gas hub suffered a 17 percent reduction in LNG export capacity after an attack, with recovery expected to take up to five years.

U.S. President Donald Trump assured citizens that the situation would soon stabilize, while Israeli Prime Minister Benjamin Netanyahu said Israel was responding to U.S. calls to limit strikes on energy sites. However, reports of drones and missiles being intercepted over the Middle East suggest the conflict remains active.