Oil prices rose more than 2% on Tuesday, March 17, 2026, on worries about supply with the Strait of Hormuz mostly shut and United States allies rebuffing calls to send warships to help tankers move through the vital waterway.
Brent futures jumped $2.74, or 2.7%, to $102.95 a barrel by 0357 GMT, while U.S. West Texas Intermediate crude gained $2.45, or 2.6%, to $95.95.
In the previous session, Brent futures settled 2.8% lower while U.S. West Texas Intermediate (WTI) crude slid 5.3% after some vessels sailed through the critical waterway.
The Strait of Hormuz – a chokepoint for about 20% of the world’s oil and liquefied natural gas trade – has been largely disrupted by the U.S.-Israeli war on Iran, now in its third week, raising concerns about supply shortages, higher energy costs and rising inflation.
“The risks remain stark: It only takes one Iranian militia to fire a missile or plant a mine on a passing tanker to reignite the entire situation,” IG market analyst Tony Sycamore said in a statement.
Several U.S. allies rebuffed President Donald Trump’s call on Monday to send warships to escort shipping through the Strait of Hormuz, drawing criticism from the president, who accused Western partners of ingratitude after decades of support.
‘Not our war’: US allies reject Trump’s request for support in Hormuz
“For now, oil markets are fixated on the duration of the conflict, halted supplies at Hormuz, and eventually the damage this chaos will leave on oil infrastructure in the Gulf,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
The effective closure of the strait has forced the United Arab Emirates, the Organization of the Petroleum Exporting Countries’ third-largest producer, to shut in production, reducing its output by more than half, two sources told Reuters.
Israel said it has detailed plans for at least three more weeks of war as its military struck sites across Iran overnight.
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