Oil jumps amid fears of USA attack on key Iranian export hub

March 16, 2026 (MLN): Global oil markets surged after the United States is considered further military action targeting Iran’s critical oil export infrastructure on Kharg Island, which raised fears of a deeper disruption to global energy supplies.

Currently, Brent crude future is up by $1.17, or 1.13% to $104.31 per barrel, according to Mettis Global data.

West Texas Intermediate (WTI) crude futures is up by $0.67, or 0.69%, to $97.51 per barrel by [08:55 am] PST.

The spike followed recent developments in the escalating conflict between Washington and Tehran.

On Friday, President Donald Trump authorized strikes against Iranian military positions on Kharg Island.

According to the president, the attacks avoided major oil facilities. However, he cautioned that U.S. forces could target the island’s crude export infrastructure if Iran continues to strike oil tankers traveling through the Strait of Hormuz.

U.S. officials told The Wall Street Journal, according to CNBC that the White House is preparing to announce a multinational initiative to protect commercial oil shipments moving through the Strait.

Several countries have reportedly agreed to participate in escorting tankers, though discussions are still underway about whether the mission would begin immediately or after hostilities subside.

The tensions have already had severe consequences for global oil transport. Iranian attacks on tankers in the Persian Gulf have effectively brought shipping through the Strait of Hormuz to a standstill.

Before the conflict intensified, roughly one-fifth of the world’s oil supply moved through this narrow passage, making it one of the most critical routes for global energy trade.

The disruption has triggered what is describe as the largest oil supply shock on record.

Since the United States and Israel launched military operations against Iran three weeks ago, oil prices have surged more than 40%.

In response to the supply crunch, more than 30 nations have agreed to release a combined 400 million barrels from strategic reserves the largest coordinated stockpile release ever undertaken.

As part of the effort, the United States is to contribute 172 million barrels from its Strategic Petroleum Reserve to help stabilize global markets.

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