Gate News reports that on Monday, March 2026, international oil prices surged significantly, with Brent crude surpassing $116 per barrel and U.S. WTI crude rising to about $102 per barrel, marking a daily increase of over 3%. This round of increases continues to reflect supply concerns stemming from the escalation of conflicts in the Middle East, becoming the core driver of current global market volatility.
The ongoing geopolitical tensions are the main driving force. U.S. President Trump stated that the possibility of controlling Iran’s key oil export hub, Khark Island, cannot be ruled out, a region responsible for about 90% of crude oil exports. Meanwhile, Iran has issued strong signals, warning of retaliatory measures against U.S. allies in the region. The conflict has entered its fifth week, with no signs of de-escalation in the short term.
Market concerns over the potential disruption of the Strait of Hormuz are further heating up. Analysts believe that if this key shipping lane is blocked, the global crude oil supply chain will be impacted. JPMorgan economist Bruce Kassman predicts that if the closure of the strait lasts for a month, oil prices could rise to $150, with some opinions suggesting that in extreme cases, it could reach $200.
The rapid surge in energy prices is being transmitted to the financial markets. Asian stock markets generally fell, with Japan and South Korea’s major indices declining by over 4%, reflecting significant pressure on import-dependent economies. Cryptocurrency assets also experienced volatility, with Bitcoin briefly dropping below $65,000 and Ethereum falling below $1,940, before experiencing a technical rebound.
Sustained high oil prices are reinforcing inflation expectations and tightening the space for market expectations of Federal Reserve rate cuts. This change is putting continuous pressure on risk assets. Currently, market focus is on the intersecting impacts of energy supply and policy direction, with the short-term trends of Bitcoin and Ethereum remaining highly dependent on changes in the macro environment.
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