Brent Holds Above $100

2026-03-16 11:00 By Agna Gabriel 1 min. read

Oil prices have eased slightly but Brent remains above $100 per barrel, the highest level since July 2022, as supply risks in the Middle East stay elevated after a second attack in three days on Fujairah, a key UAE port just outside the Strait of Hormuz.

Oil loading was suspended while damage is assessed following the latest strike, which came after a drone attack on Saturday that disrupted shipments from the country’s main export route.

The US also said it struck military sites on Iran’s Kharg Island, a major oil export hub, though Iranian media reported shipments were continuing.

President Donald Trump said the US is demanding other countries help defend the Strait of Hormuz, where traffic has slowed sharply since the conflict began.

Some vessels have started attempting the passage while global authorities move to stabilize supply, with the IEA coordinating a record 400 million barrel reserve release as traders wait for clearer evidence of actual supply losses.



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