A. $75 a barrel
B. $90 a barrel
C. $116 a barrel
D. $150 a barrel
Due to the continued conflict in the Middle East and the effective blockage of the Strait of Hormuz, global crude oil prices had risen to about $116 per barrel for Brent crude as of late March 2026.
The price increase came after Iran attacked a Kuwaiti oil tanker in Dubai seas on March 31. The conflict has been going on for a month and has cut off a vital supply of oil to the world. Brent crude has increased by almost 60% since the crisis started on February 28, which is the biggest monthly increase in recorded history.
Market analysts caution that prices could challenge the 2008 record of $147 per barrel if the Strait stays closed for a long time. In the worst event, some projections put prices as high as $150–$200.
Key Points About Current Global Oil Prices:
-
Current Price: Brent crude approximately $116 per barrel (WTI ~$100–$102)
-
Drastic Increase: Prices surged nearly 60% since the conflict began on February 28, 2026
-
Primary Cause: Effective closure of the Strait of Hormuz, through which approximately 20 million barrels of oil pass daily
-
Shipping Disruption: Daily vessel traffic dropped from 300 to just 1–2 vessels after Iran imposed shipping restrictions on March 2, 2026
-
Recent Spike: Oil briefly hit $120 per barrel on March 31, 2026, following Iran’s attack on a Kuwaiti oil tanker in Dubai waters