Brent Crude Surges Past $108 as Iran Conflict Threatens Global Energy Supply

Brent crude reached $108.78 per barrel on March 18, up $5.80 from the prior session and roughly $38 higher year-over-year, driven by Iran's retaliatory strikes on Gulf energy infrastructure. The Strait of Hormuz remains effectively closed with tanker traffic down approximately 70% and over 150 ships anchoring outside the strait. About 90 ships per day are now transiting under restricted conditions compared to normal flow rates.