The price of Brent crude oil rose by about 3% to reach $115 per barrel, while U.S. crude also increased by nearly 3.5%, surpassing $103 per barrel.
Brent crude had been trading at $72 per barrel on February 27 this year, before the conflict began. By March 18, 2026, it had reached $119.50, marking its highest level since June 2022 and highlighting a sharp upward trend.
Due to the war in the Middle East, financial markets in Asia have declined significantly. Japan’s Nikkei 225 dropped by 4.5%, while South Korea’s Kospi lost 4% of its value.
The situation worsened toward the end of last week when Houthi rebels in Yemen launched attacks on Israel, and Iran threatened to target institutions and homes of U.S. and Israeli officials.
U.S. President Donald Trump stated that the United States could take control of Iran’s oil operations on Kharg Island, comparing it to actions previously taken in Venezuela.
Meanwhile, around 3,500 additional U.S. troops have been deployed to the Middle East amid escalating tensions.
Energy markets remain highly volatile after Iran warned it could attack vessels attempting to pass through the Strait of Hormuz, a critical global oil shipping route. This has disrupted oil transportation and increased fears of supply shortages.
