---
title: "Oil prices open higher as war in Middle East rages"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279173525.md"
description: "Oil prices rose as markets opened on March 15, with West Texas Intermediate increasing by 2.54% to $100.22 per barrel and Brent up 2.88% to $106.11 per barrel. The rise follows significant disruptions in global oil supplies due to the ongoing war in the Middle East, with prices surging 40-50% since U.S. and Israeli attacks on Iran began on February 28. The Strait of Hormuz remains effectively shut, impacting 20% of global oil exports. U.S. Energy Secretary Chris Wright described the situation as \"short-term pain,\" while the International Energy Agency warned of unprecedented supply disruptions."
datetime: "2026-03-15T23:30:31.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279173525.md)
  - [en](https://longbridge.com/en/news/279173525.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279173525.md)
---

# Oil prices open higher as war in Middle East rages

WASHINGTON: Oil prices kept rising as markets opened Sunday (Mar 15), with both benchmarks higher as the war in the Middle East disrupts global supplies. Around 10.45pm GMT, shortly after the Chicago Mercantile Exchange opened, US benchmark West Texas Intermediate rose 2.54 per cent to US$100.22 a barrel, while the price of Brent, the international benchmark for oil, was up 2.88 per cent to US$106.11 a barrel. The rise was lower than the price surges seen during market sessions in the past two weeks. With Gulf states slashing production and oil tankers stuck in the Gulf, benchmark oil prices have risen 40 to 50 per cent since the United States and Israel first attacked Iran on Feb 28, threatening to curb growth and stoke inflation. The Strait of Hormuz , which usually sees passage of 20 per cent of global oil and gas exports, remains effectively shut.US Energy Secretary Chris Wright said Sunday the closure is "short-term pain" causing higher prices, adding that the war could end "in the next few weeks". The International Energy Agency has warned that the Middle East war "is creating the largest supply disruption in the history of the global oil market". US and Israeli strikes on Iranian targets - including the oil export hub of Kharg Island - have also disrupted supplies.

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