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Oil Prices Soar Amid Iran Conflict, Inflation Fears Rise

3/16/2026

38 7 Full Breakdown

Summary

Story summary

Brent crude trades near $105 per barrel as Iran attacks mark the war's third week.
Oil prices have surged over 40% since the conflict began, and U.S. benchmark crude rose to $99.68 per barrel.
The Strait of Hormuz closure has halted over 12 million barrels per day, raising inflation concerns.
The International Energy Agency (IEA) is releasing 400 million barrels from reserves, while U.S. consumer prices rose 2.8% in January.

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Story summary

Brent crude trades near $105 per barrel as Iran attacks mark the war's third week.
Oil prices have surged over 40% since the conflict began, and U.S. benchmark crude rose to $99.68 per barrel.
The Strait of Hormuz closure has halted over 12 million barrels per day, raising inflation concerns.
The International Energy Agency (IEA) is releasing 400 million barrels from reserves, while U.S. consumer prices rose 2.8% in January.