Brent crude oil prices surpass $103 per barrel.

VTV.vn - Middle Eastern tensions have pushed Brent crude oil prices above $103 per barrel, as the Strait of Hormuz is paralyzed and concerns about disruptions to global oil supply are growing.

Oil rig in Texas, USA. (Photo: THX/VNA)

World oil prices surged on March 13, surpassing the $103 per barrel mark amid the continued blockade of the Strait of Hormuz and concerns that conflict in the Middle East could disrupt global oil supplies.

Tensions escalated after US President Donald Trump announced on March 13 that the US military had conducted military operations targeting objectives on Iran's Kharg Island – which handles approximately 85–90% of the country's crude oil exports. While Washington did not directly target oil infrastructure, Trump warned that the US could consider further steps if Iran continued to obstruct traffic through the Strait of Hormuz.

At the close of trading on March 13, Brent crude futures rose $2.68 (2.67%) to $103.14 per barrel. US West Texas Intermediate (WTI) crude futures for April delivery also increased $2.98 (3.11%) to $98.71 per barrel. In the two weeks since the conflict began, Brent and WTI prices have risen 43.1% and 48.2%, respectively.

The main driver of the price surge is the paralysis in the Strait of Hormuz – a vital global oil shipping route. Sources indicate that Iran has laid numerous mines in the area, making it difficult to restore maritime activity. Iran's new Supreme Leader, Ayatollah Mojtaba Khamenei, has declared that he will continue to keep the strait closed to exert pressure.

To cool down the market, the US has allowed countries to purchase approximately 100 million barrels of Russian oil currently stranded at sea within 30 days, and plans to coordinate with the International Energy Agency (IEA) to release around 400 million barrels of oil from its strategic reserves.

However, analysts believe these measures will have only limited impact as they will not create new supply. Goldman Sachs forecasts that Brent crude oil prices could remain above $100 per barrel in March due to the continued high risk of supply disruptions.

Source: https://vtv.vn/gia-dau-brent-vuot-103-usd-thung-100260314094328037.htm