Crude oil prices surged last week, closing at $112 per barrel on March 20, 2026.
Consequently, this represents an 8.22% weekly gain and a 53% rise so far this month.
Traders pushed prices higher, reacting to escalating tensions from the ongoing US-Iran War conflict.
Crude Prices Surge
At the heart of global concern, the Strait of Hormuz serves as a strategic chokepoint.
The 33-kilometre passage between Iran and Oman carries much of the world’s crude oil shipments.
Moreover, Iran’s retaliatory actions against the United States and Israel disrupted tanker traffic heavily.
Supply Fears Intensify
In early March, Brent crude broke $93 per barrel, a level last reached in September 2023.
Furthermore, the United States launched Operation “Epic Fury” on February 28, intensifying supply fears globally.
Brent crude started the year around $60–$61 per barrel, yet traders drove it past $100.
Refined product prices rose dramatically, with heating oil climbing more than 77% this month.
Read Also: Nigeria, Europe Explore $20Bn Gas Pipeline Deal
Specifically, heating oil jumped from roughly $2.8 to above $4.6 per gallon in global markets.
Similarly, kerosene futures in Tokyo surged 60%, reaching about ¥140,000 per kilolitre amid shortages.
Global Impact
In Nigeria, domestic prices rose as Dangote Petroleum Refinery increased petrol from ₦1,245 to ₦1,275 per litre.
Consequently, African countries, including South Africa, seek alternative fuel supplies amid Middle East disruptions.
The International Energy Agency recommended reducing air travel to curb jet fuel demand worldwide.
Analysts predict that crude could surpass $112 per barrel if tensions in the Middle East persist.
Saudi officials warned that prolonged Strait of Hormuz disruption could push oil prices to $180 per barrel.
Overall, March 2026 demonstrates how geopolitical crises drive instant changes in global energy markets.
The world now watches nervously, knowing a single chokepoint can influence energy prices for months.
