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Global oil prices surged to nearly four-year highs at the close of the trading week, as escalating geopolitical tensions in the Middle East triggered fresh supply disruptions and heightened fears of prolonged outages.

International crude benchmarks rallied sharply on Friday, 20 March 2026, reaching levels last seen in July 2022 after Iraq declared force majeure on all oilfields operated by foreign firms. The move comes amid a deepening US – Israeli conflict with Iran, with Washington preparing to deploy thousands of additional Marines and sailors to the region.

Brent crude futures for May delivery climbed $3.54, or 3.26%, to settle at $112.19/barrel.

WTI for April delivery rose $2.18, or 2.27%, to $98.32 per barrel upon expiry.

The conflict has shown little sign of easing, with continued attacks on Iran’s critical energy infrastructure and retaliatory strikes targeting neighbouring producers, including Saudi Arabia, Qatar, and Kuwait. The widening scope of disruptions has intensified concerns over regional supply security.

Market participants are increasingly factoring in the likelihood of extended production shut-ins, as well as a prolonged closure of the Strait of Hormuz—an essential artery for global oil flows—potentially lasting several weeks.

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