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    • Oil Hits Four-Year High as US-Iran Tensions Escalate

    By on March 23, 2026
    oil and gas area
    oil and gas area

    Singapore:  Oil prices are expected to rise further amid escalating geopolitical tensions in the Middle East, following their highest closing levels in nearly four years.

    Analysts indicated that markets are reacting to rising uncertainty after mutual threats between the United States and Iran targeting energy infrastructure.

    US President Donald Trump warned that Iranian power facilities could be targeted if Tehran does not reopen the Strait of Hormuz within 48 hours, marking a sharp escalation after earlier remarks suggesting a possible de-escalation.

    In response, Iran stated it would target US-linked infrastructure in the region, including energy and desalination facilities, if such actions are carried out.

    Brent crude futures for May delivery rose by 3.26 percent on Friday, settling at $112.19 per barrel, the highest level since July 2022.

    Market analysts noted that the situation has introduced a short-term period of heightened uncertainty, with expectations of further price increases if tensions continue.

    Energy experts also warned that ongoing disruptions, including attacks on ports and refineries and the closure of the Strait of Hormuz, have significantly impacted global oil supply. Current estimates suggest a loss equivalent to approximately 440 million barrels during the conflict period.

    The International Energy Agency indicated that restoring normal oil and gas flows from the Gulf region could take several months, depending on developments.

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