{"id":2289,"date":"2026-03-16T07:11:49","date_gmt":"2026-03-16T07:11:49","guid":{"rendered":"https:\/\/www.worldwatchalert.com\/?p=2289"},"modified":"2026-03-16T07:11:50","modified_gmt":"2026-03-16T07:11:50","slug":"strait-of-hormuz-tensions-push-oil-toward-100","status":"publish","type":"post","link":"https:\/\/www.worldwatchalert.com\/?p=2289","title":{"rendered":"Strait of Hormuz Tensions Push Oil Toward $100"},"content":{"rendered":"\n

LONDON: Global oil prices hovered near $100 per barrel on Monday as the conflict involving Iran entered its third week, raising concerns about energy supplies and global economic stability.<\/strong><\/p>\n\n\n\n

Crude prices surged early in the day after US President Donald Trump said American forces had struck military targets on Kharg Island, a key hub that handles the majority of Iran\u2019s oil exports.<\/p>\n\n\n\n

Trump also warned that attacks could extend to energy infrastructure if Tehran interferes with shipping through the strategic Strait of Hormuz, a vital waterway for global oil trade that has seen major disruptions since military operations began on February 28.<\/p>\n\n\n\n

However, Iran\u2019s Fars News Agency reported that the strikes did not damage oil facilities on the island.<\/p>\n\n\n\n

Global powers urged to secure shipping route<\/h3>\n\n\n\n

Trump urged other countries to contribute naval support to ensure safe passage for tankers through the Strait of Hormuz, calling on nations including China, France, Japan, South Korea and the United Kingdom to assist.<\/p>\n\n\n\n

However, Japan said it was not currently considering a maritime security operation, while Australia also ruled out sending naval ships to the region.<\/p>\n\n\n\n

Trump said Iran had expressed interest in reaching a deal to end the conflict but indicated that Washington was not prepared to negotiate under current conditions.<\/p>\n\n\n\n

Iran rejects negotiations with US<\/h3>\n\n\n\n

Iranian Foreign Minister Abbas Araghchi said Tehran was not interested in talks with the United States.<\/p>\n\n\n\n

\u201cWe don\u2019t see any reason why we should talk with Americans because we were already negotiating when they attacked us,\u201d he said in an interview with CBS.<\/p>\n\n\n\n

Araghchi added that Iran had not requested a ceasefire but was open to discussions with countries seeking safe passage for their vessels through the Strait of Hormuz.<\/p>\n\n\n\n

Markets react to uncertainty<\/h3>\n\n\n\n

Oil markets remained volatile as investors weighed the risk of prolonged conflict.<\/p>\n\n\n\n

The global benchmark Brent crude briefly surged about three percent to $106.50 per barrel before easing, while West Texas Intermediate traded around $99 per barrel.<\/p>\n\n\n\n

Stock markets across Asia showed mixed performance, with declines in Tokyo, Shanghai, Sydney and Seoul, while Hong Kong and Singapore recorded modest gains.<\/p>\n\n\n\n

Analysts warned that uncertainty surrounding the conflict and its impact on energy supplies could weigh on global markets in the coming weeks.<\/p>\n\n\n\n

Meanwhile, investors are also closely monitoring upcoming policy meetings at major central banks including the Federal Reserve, Bank of England and the European Central Bank for signals on how the conflict may affect economic outlooks and interest rate policies.<\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON: Global oil prices hovered near $100 per barrel on Monday as the conflict involving Iran entered its third week, raising concerns about energy supplies and global economic stability. 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