Cyprus Times

Oil Prices Surge Amid Iran Conflict Concerns

Published March 23, 2026, 07:09
Oil Prices Surge Amid Iran Conflict Concerns

Oil prices experienced a significant surge in early trading following the weekend, fueled by growing concerns over the conflict in Iran and its impact on hydrocarbon transportation through the Strait of Hormuz. WTI exceeded $100 per barrel, while Brent North Sea crude reached over $113. This increase is substantial compared to pre-US-Israeli attack prices, where WTI traded at $67.02 and Brent at $72.48. Markets are worried that the ongoing conflict will last for several weeks, exacerbating disruptions to global oil supply. The situation is being closely monitored, as rising oil prices can have significant implications for the global economy.