Brent crude futures for June opened at US$106 on March 22, 2026, up 0.1%, amid heightened US-Iran tensions threatening energy infrastructure in the Strait of Hormuz, exacerbating the ongoing Middle East oil crisis.
Brent crude oil futures for June rose 0.1% to US$106 during Sunday evening trading on March 22, 2026, continuing the surge driven by the Middle East conflict. This follows May Brent reaching US$119.46 on March 9—the highest since June 2022—according to Folha de S.Paulo.
US President Donald Trump warned of annihilating Iranian energy facilities if the Strait of Hormuz remains blocked, while Iran threatened retaliation against Gulf neighbors' (Bahrain, Qatar, UAE, Saudi Arabia, Kuwait) energy and water systems. Reuters highlights these countries' heavy reliance on desalination: 100% in Bahrain and Qatar, over 80% in UAE, and 50% in Saudi Arabia.
Iran's Revolutionary Guard stated the strait would only reopen after rebuilding any damaged hydroelectric plants. Recent escalations include Israel's strike on an Iranian gas field and Iran's counterattacks on Saudi Arabia, Qatar, and Kuwait. The partial Hormuz blockade has triggered the worst oil crisis since the 1970s, with European gas prices up 35%.
The International Energy Agency (IEA) called for demand reductions through measures like work-from-home policies, reduced flights, slower driving, carpooling, and electric stoves, describing it as the largest supply disruption in oil market history. Saudi Aramco CEO Amin Nasser is expected to skip a Houston conference on March 24, prioritizing regional issues, after rerouting crude shipments due to asset strikes.
This builds on earlier market volatility, including rising oil prices and currency fluctuations reported in prior coverage.
