Crude oil prices were at $77.13 on March 1, with prices rising by more than 40% due to the Middle East war

Crude Oil Price, 29 March 2026: Crude oil prices have surged by more than 40% in less than a month due to the outbreak of war in the Middle East. Global benchmark Brent crude oil is trading at around $112.57 per barrel today.

Crude Oil Price: Crude oil was priced at $77.13 on March 1, with prices rising by more than 40% due to the Middle East war.

Due to the war between America, Israel and Iran, crude oil prices are witnessing a huge increase. On March 1, the price of crude oil was at $77.13 per barrel. Which has now crossed $100 per barrel. Today, the price of global benchmark Brent crude reached $112.57 per barrel. In just one month, prices have registered an increase of more than 40%. The main reason behind this is the tension started in the Middle East.

Rocket-like rise in oil prices

The Middle East War began on February 28, 2026. Since then, oil prices have rocketed. Following attacks by the US and Israel, Iran closed the Strait of Hormuz, which supplies approximately 20% of the world's oil and gas, and approximately 60 to 80% of India's oil and gas. This situation has created a new energy crisis for the entire world.

Will the price cross $150?

Many market experts have warned that if this Middle East war continues for a long time, the price of crude oil could reach $120 to $150 per barrel. If this happens, many countries could face a major crisis and the world could face a new economic crisis. The entire world is closely monitoring the war and diplomatic negotiations between the United States, Israel, and Iran.

The US government has given Iran until April 6th to attack its power plants if it does not open the Strait of Hormuz without any conditions. However, after Israel targeted an Iranian university, Iran has threatened to target universities in the US and Israel as well. Given the current situation, it appears that this tension will not end soon, and if it does, oil and gas prices could see sharp increases or even shortages in the future. Iran has also stated that the Strait of Hormuz is open to friendly countries such as India, Pakistan, China, and Iraq.