Strait of HormuzHuòěrmùzī hǎixiá霍尔木兹海峡crisiswēijī危机to deepen / intensifyshēnhuà深化，Brent (crude oil benchmark)Bùlúntè布伦特crude oilyuányóu原油to surge / skyrocketbiāoshēng飙升to / reachingzhì至per barrelměi tǒng每桶$126 per barrelyībǎi èrshíliù měiyuán126美元。
March 19, 2026 at 4:00 PM
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BusinessBrent Crude Surges to $126 a Barrel as Strait of Hormuz Crisis Deepens
Iran closed the Strait of Hormuz on March 4, 2026, sending Brent crude oil to a peak of $126 per barrel and triggering the largest global energy supply disruption since the 1970s. Major oil-consuming nations have begun drawing on strategic reserves as analysts warn prices could reach $200 per barrel if the blockade continues.
Iran's Islamic Revolutionary Guard Corps announced on March 4, 2026 the closure of the Strait of Hormuz, triggering intense turbulence in the global energy market.
The strait daily carries approximately 20 percent of global petroleum and liquefied natural gas shipments. The blockade forced numerous oil tankers to anchor in nearby waters.
Brent crude oil futures prices rapidly climbed, reaching $119 per barrel on March 19, with peak values rising further to $126 per barrel, marking the highest record in nearly four years.
Qatar's national energy company's two liquefied natural gas facilities suffered drone attacks. The company announced invoking force majeure on all export contracts and comprehensively halted shipments.
According to reports, more than 150 oil tankers are stranded in the outer waters of the strait, with transit volume plummeting approximately 70 percent below normal levels.
Analysts warned that if the blockade continues, international oil prices risk surging further to $200 per barrel.
The OECD has revised upward its 2026 global inflation forecast by 1.2 percentage points to 4.0 percent, and simultaneously downward revised growth expectations for multiple major economies.
Major oil-consuming nations are actively mobilizing strategic petroleum reserves to stabilize prices and seeking alternative supply routes to ease market pressure.
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