📈 2026 Oil Shock: Prices Spike After Hormuz Disruption

Global oil markets shifted rapidly from stability to crisis in early 2026. Following the outbreak of war on February 28, supply risks intensified as the Strait of Hormuz was disrupted in early March.

Oil prices surged sharply, approaching $100 per barrel by mid-March. On March 19, 2026, the OPEC crude oil reference basket peaked at $146 per barrel, reflecting severe supply constraints and market uncertainty.

Although prices eased later in the month, they remained elevated above $110 per barrel into early April, amid ongoing geopolitical tensions and persistent supply risks.