Crude oil prices continue to rise as US-Iran conflict enters third week, Brent trades at $104/bbl; Wall Street indices end lower

Crude oil prices in the global market rose during the early hours on Monday, March 16, 2026, after the United States attacked Iran’s key oil export hub, Kharg Island over the weekend as the US-Iran conflict now enters its third week since the beginning of this month.

The Brent crude oil futures hit a high of $106.50 per barrel (bbl) around 3:45 a.m. (IST), compared to their previous commodity market close level of $103.14 per bbl, according to investing.com data.

The West Texas Intermediate (WTI) crude oil futures nearly hit a $100 per bbl in the early market hours on Monday due to the rising tensions over the West Asia crisis. At around 3:30 a.m. on March 16, the WTI crude hit a high of $99.95 per bbl, compared to the previous market close levels of $96.84 per bbl, as per the data.

The rising oil prices and the rapid escalation of the conflict last week weighed on the Wall Street benchmark indices, as the Dow Jones, S&P 500, and Nasdaq closed lower after their trading session on Friday, March 13, 2026.

Oil prices today

At 7:50 a.m. (IST), the Brent crude oil prices were trading nearly 1% higher at $104.10 per bbl on Monday, compared to the previous market close of $103.14 per bbl amid the looming tensions over the global commodity market investors. The crude oil prices topped the $100 per bbl mark for Brent during last week’s trading session on Friday.

The WTI crude oil prices were trading 0.27% higher at $97.10 per bbl as of 7:51 a.m. (IST) on March 16, compared to the $96.84 per bbl levels at the previous market close, according to Investorgain data.

What’s fuelling the oil prices today?

The oil prices in the global market are rising today after reports emerged over the weekend with US President Donald Trump claiming that the Western nation has attacked Iran’s key oil export hub, Kharg Island, on Saturday.

Trump told the news portal NBC News that the US has launched strikes and “totally demolished” most of Kharg Island, and the military might have the site “a few more times just for fun.”

“Moments ago, at my direction, the United States Central Command executed one of the most powerful bombing raids in the History of the Middle East, and totally obliterated every MILITARY target in Iran’s crown jewel, Kharg Island,” said Trump in his social media post on Truth Social.

Home to Iran’s key oil export terminal, Kharg Island is a five-mile coral island in the Persian Gulf, which is 27 miles away from mainland Iran. The news report also suggested that 90% of Iran’s oil exports are carried out from the key terminal on the island.

However, in his Truth Social post, Trump also clarified that the United States decided not to “wipe out” the oil infrastructure on the island, but he also said that if Iran or anyone else does anything to interfere with the “Free and Safe Passage of Ships through the Strait of Hormuz” then they will reconsider their decision.

US markets snapshot

The benchmark Wall Street indices, like the Dow Jones, S&P 500, and Nasdaq, closed in the red zone after their trading session on Friday, March 13, as investors’ concerns rose over the escalating tensions between Iran and the United States, which has been keeping the global markets volatile.

MarketWatch data showed that the Dow Jones Industrial Average closed 0.26% lower at 46,558.47 points after Friday’s trading session, compared to 46,677.85 points at the previous market close.

Boeing, UnitedHealth Group, Verizon Communications, 3M Co., and Walmart were among the gainers, while Salesforce, Apple, Nvidia, and Microsoft were among the laggards on the final trading session last week.

The S&P 500 index closed 0.61% lower at 6,632.19 points, compared to 6,672.62 points at the previous market session, according to the data collected from MarketWatch. Companies like Sandisk, Ares Management, Micron Tech, and Blackstone were among the gainers, while others like Ulta Beauty, Adobe, Insulet Corp, were among the losers.

The Nasdaq Composite lost 0.93% to close at 22,105.36 points on Friday, compared to 22,311.98 points at the previous trading session. Stocks like BioAffinity Tech, Firefly Neuroscience, and Silvaco Group were among the gainers, while others like Immutep Ltd ADR, Innovation Beverage Group, and Creative Media were among the losers.