The Iran war is roiling commodities far beyond oil

GateUser-9ad11037 · 2026-03-17T12:02:03+00:00

The essay discusses the impact of the ongoing Gulf War on crude oil prices, highlighting that Brent crude recently surpassed $106 a barrel. It details efforts by Donald Trump to address rising prices, but traders remain unconvinced about the reopening of the Strait of Hormuz, leaving a significant portion of global oil supply restricted.

GateUser-9ad11037

2026-03-17 12:02:03

Abstract generation in progress

SINCE THE third Gulf war began three weeks ago, one number has captured the world’s attention: the price of crude. On March 16th Brent, the global benchmark, briefly topped $106 a barrel—higher than its average of 2022, the year Russia launched its full-scale invasion of Ukraine. Donald Trump, America’s president, has tried to talk down prices, demanded help from NATO allies and overseen the largest-ever release of strategic oil stocks. None of this has convinced traders that the Strait of Hormuz will reopen soon. Some 10-15% of global oil supply remains trapped.

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