Crude Rate Today: Oil Prices Climb As Iran Conflict Shuts Strait Of Hormuz And Hits Supply

(MENAFN- AsiaNet News)

Shipping through the Strait of Hormuz, which carries one-fifth of the world’s oil, has effectively stopped due to security risks. US fuel prices have risen for 11 straight days. Meanwhile, traders are watching possible global oil reserve releases.

Global crude oil prices moved higher on March 11, 2026, as tensions in the Middle East continued to affect the energy market. The price of crude oil reached 85.48 USD per barrel, rising 2.43% from the previous day, according to Trading Economics.

Over the past month, oil prices have jumped sharply. The commodity has increased by 36.03% in the last 30 days. Compared with the same time last year, crude oil prices are now 26.30% higher. These figures are based on trading data from a contract for difference (CFD) that tracks the global oil benchmark.

The increase in oil prices is already affecting consumers across United States. US petrol prices have risen for the 11th day in a row, according to market reports.

Drivers in the United States are now paying around 20% more for fuel compared to prices before the recent military strikes on Iran began. The rise in petrol prices is directly linked to higher crude oil costs in global markets.

While oil prices climbed, US stock futures moved slightly lower, reflecting investor concerns about the growing geopolitical risk.

A key factor behind the oil price surge is the situation in the Strait of Hormuz, a narrow waterway located between Iran and Oman.

This strait is extremely important for the global energy supply. Around one-fifth of the world’s oil passes through this route, along with a large share of natural gas exports.

However, shipping traffic through the strait has been effectively halted because of fears that vessels could be attacked during the ongoing conflict.

On Tuesday, the US military reported attacking 16 Iranian vessels that were allegedly laying sea mines near the strait. These mines could threaten commercial ships passing through the region.

Officials from the Trump administration have also suggested the possibility of naval escorts for commercial vessels to help protect shipping routes.

Although oil prices moved higher earlier, gains slowed later in the day. West Texas Intermediate (WTI) crude futures dropped slightly from their earlier peak and traded near 85 USD per barrel after briefly approaching 89 USD.

Traders are now watching discussions about a possible coordinated release of oil reserves to stabilise markets.

Reports suggest that Japan may release oil from its strategic reserves as early as Monday. Meanwhile, a report by the Wall Street Journal said the International Energy Agency (IEA) has proposed the largest coordinated reserve release in history.

The G7 nations have expressed support in principle, and energy ministers are expected to meet soon to discuss the plan.

At the same time, oil supply from the Middle East has also been reduced. Major producers in the region have collectively cut production by more than six million barrels per day as the Strait of Hormuz remains effectively closed.

The ongoing military situation is still uncertain. US Defence Secretary Pete Hegseth warned that the conflict could intensify, saying it may become“our most intense day of strikes.”

Later today, the Organisation of the Petroleum Exporting Countries (OPEC) is expected to release its monthly report on the global oil market, which investors will closely watch for signs about future supply and demand trends.

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