Crude oil prices hover over $100/bbl as West Asia concerns rise over Iran’s drone attacks on energy infrastructure; Brent up 2%

Crude oil prices in the global market have been trading above $100 per barrel (bbl) on Tuesday, March 17, 2025, as tensions rage over Iran’s recent drone attacks on critical oil and natural gas energy infrastructure in the United Arab Emirates (UAE), indicating an escalation in the West Asia conflict.

Although the Brent crude oil futures hit an intraday high of $106.50 during the afternoon trading session on Monday, the commodity later dropped to near $100 per bbl levels later during the day. The oil prices briefly dropped under $100 per bbl to $99.85 per bbl at around 1:30 a.m. (IST) on Tuesday before rising back above the psychological mark again fuelled by geopolitical tensions.

The US-based West Texas Intermediate (WTI) crude oil prices edged close to the $100 per bbl psychological mark, however the commodity remained under the level amid the looming tensions. WTI crude oil futures hit an intraday high of $99.27 per bbl during the trading session on Monday.

Crude oil prices today

As of 7:31 a.m. (IST), the Brent crude prices were trading 2.8% higher at $103.03 per bbl on Tuesday, compared to $100.84 per bbl at the previous commodity market close, according to the data collected from Investing.com.

The WTI crude futures were trading 2.9% higher at $95.14 per bbl as of 9:34 a.m. (IST), compared to $92.46 at the previous market close, the data showed. Overall the crude oil prices have continued their extreme volatility in the third week of the conflict after hitting a record high of $119.50 per bbl during the second week of the US-Iran conflict.

Why are oil prices rising today?

Oil prices on the global market are rising on Tuesday, March 17, 2026, after tensions spike in the market over reports of Iran attacking critical oil infrastructure in the Shah natural gas field and the Fujairah oil-export terminal in the UAE.

According to a Bloomberg report on Tuesday, Iran increased its attacks on the energy infrastructure in the Persian Gulf in an effort to add more pressure to an already heightened global energy crisis scenario.

The news report also suggested that operations at the Shah natural gas field in UAE was suspended after the drone attacks while the authorities and officials assess the damage from the fire which was a result of the drone strike.

With the attacks from Iran’s side rising on the backdrop of new Supreme Leader Mojtaba Khamenei’s remarks on how the country aims to keep the Strait of Hormuz closed to exert global pressure amid a global energy crisis. Iran holds a geographically strategic position in the Persian Gulf, causing the disruption in the energy trade from the region.

The Iranian drones also attacked a key oil field of Iran and an Emirati port in Fujairah, where the operations were also suspended for the second time after the recent drone drone attack.

US stocks snapshot

The benchmark US stock market indices closed higher after the trading session on Monday, March 16, due to the brief cooldown in oil prices to right under the $100 per bbl psychological mark ahead of the US Federal Reserve’s key policy meeting to determine the interest rates for the economy.

The Dow Jones Industrial Average closed 0.83% higher at 46,946.41 points higher after Monday’s market session, compared to 46,558.47 points at the previous market close, according to MarketWatch data. Stocks like Salesforce, Amazon, Boeing, Nvidia, and Goldman Sachs were the gainers, while others like Verizon, 3M, Walt Disney, and American Express were among the laggards.

The benchmark S&P 500 index closed 1.01% lower at 6,699.38 points after Monday’s market, compared to 6,632.19 points at the previous trading close, MarketWatch data showed. Stocks like Ciena Corp., Dollar Tree, Sandisk Corp., Norwegian Cruise Line, were among the gainers, while Mosaic, CF Industries, Crowdstrike Holdings, were among the laggards.

The tech-heavy Nasdaq Composite index closed 1.22% higher at 22,374.18 points, compared to 22,105.36 points at the previous market close, according to MarketWatch data. Index constituents like Urget.ly, HCW Biologics, AirSculpt Tech, CytomX Therapeutics were among the gainers, while Paranovus Entertainment, Lyra Therapeutics, Blue Hat Interactive, Cycurion were among the top losers on Monday.