Oil prices slip despite rising tensions in UAE

March 18, 2026 (MLN): Oil prices initially surged amid growing skepticism that U.S. President Donald Trump will be able to assemble an effective international coalition to safeguard oil tankers traveling through the Strait of Hormuz.

However, prices later retreated despite rising tensions and continued attacks on the UAE’s energy infrastructure.

Currently, Brent crude future is down by $2.83, or 2.72% to $101.16 per barrel, according to Mettis Global data.

West Texas Intermediate (WTI) crude futures is down by $3.21, or 3.36%, to $92.32 per barrel by [09:36 am] PST.

This decline comes even as new strikes in the UAE heighten concerns about ongoing supply disruptions linked to the Iran conflict.

Recent developments include a drone strike on the world’s largest ultra-sour gas facility, a fire at the Fujairah Oil Industry Zone, and reported damage to a tanker near the Strait of Hormuz, according to CNBC.

Earlier, in a social media statement, Trump indicated that NATO allies are unwilling to join a U.S.-led conflict with Iran, adding that Washington does not require their support. Despite this stance, the U.S. has been pushing partners to contribute military assets to secure shipping lanes in the strategic waterway.

Traffic through the Strait of Hormuz one of the world’s most critical oil transit routes has dropped sharply following Iranian attacks on vessels, triggering one of the most severe disruptions to global oil supply in recent years.

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