[Herald Economy = Seo Ji‑yeon] As military action around the Strait of Hormuz has stalled, global oil prices climbed again, driven by persistent worries about supply disruptions from the Middle East and rising market volatility.
On March 17, Reuters and other outlets reported that Brent crude futures, the international benchmark, rose 2.7% ($2.74) to $102.95 per barrel as of 12:57 p.m. KST. U.S. West Texas Intermediate (WTI) futures gained 2.6% ($2.45), reaching $95.95 per barrel.
The gains came after a steep one-day drop. In the previous session, Brent fell 2.84% to $100.21 per barrel, while WTI closed down 5.28% at $93.50 per barrel.
Traders attributed the rebound to delays in a U.S. military response while the Strait of Hormuz remained effectively blocked. President Donald Trump called on allies to dispatch warships, but key partners have taken cautious positions and no immediate coordinated action has materialized.
Reports that a drone attack sparked a fire at an oil industrial complex near the Port of Fujairah in the United Arab Emirates added to supply concerns. Direct hits to energy infrastructure in the region pushed risk premiums higher.
Market participants increasingly expect that geopolitical tensions will not ease quickly. Tony Sycamore, an IG market analyst, warned, “The risk remains very high. If Iranian militias attack tankers or lay mines, the situation could deteriorate rapidly.”
With roughly 20% of global oil shipments transiting the Strait of Hormuz and the route effectively closed, oil prices are likely to remain highly volatile in the near term.
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