Iran Conflict — 2026-03-23
Oil Prices Swing Violently on Trump Strike Pause; Brent at $113, WTI at $99
Brent crude fell then rebounded to $113.21/barrel and WTI to $98.81 as markets digested Trump's five-day strike pause alongside continued Hormuz disruption. The strait closure since March 4 has removed 20% of global oil supply — the largest disruption in history. Goldman Sachs projects elevated prices through 2027. The IEA chief called the energy crisis a 'major, major threat' to the global economy. Countries worldwide are releasing strategic petroleum reserves to contain fuel price surges.
3 sources
- US ramps up emergency oil flows as prices swing on Iran strike pause - Al-Monitor
- IEA chief: Energy crisis due to Iran war a 'major, major threat' to global economy - Times of Israel
- Which countries have strategic oil reserves – and how much? - Al Jazeera
View in full brief →