Oil prices have been surging higher recently in the wake of the Iran War in the Middle East. But is everyone wrong about rising oil prices and that it is likely to continue? There are some strong indications and warnings that should make us cautious about the oil price rally. Video by Alessio Rastani.
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As of March 11, 2026, benchmark prices are fluctuating near 2022 highs as the market reacts to a near-total shutdown of the Strait of Hormuz, a chokepoint for roughly 20% of global oil supply.
-Brent Crude: Trading around $91.14 per barrel, rebounding after a sharp 11-17% drop on Tuesday. It briefly touched $119.50 earlier this week.
-WTI Crude: Trading near $87.24 per barrel, up approximately 4.5% for the day after breaching the $90 level for the first time since 2023.
-U.S. Gasoline: National average for regular unleaded has risen to roughly $3.50 per gallon, a 21% increase over the last month.
Insights Today
-Inflationary Pressure: Every 10% rise in oil prices is estimated to cause a 0.4% increase in global inflation and a 0.15% reduction in economic growth.
-G7 & IEA Response: The Group of Seven (G7) nations and the International Energy Agency (IEA) are considering a record release of strategic oil reserves—roughly 1.8 billion barrels—to stabilize the market.
-Industry Costs: Jet fuel prices have nearly doubled to over $1,500 per tonne, leading to widespread flight cancellations and increased ticket prices.
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