Brent Crude Holds Firmly Above $108

2026-03-18 19:08 By Felipe Alarcon 1 min. read

Brent crude oil futures bounced back above $108 per barrel on Wednesday as the threat of an escalating regional conflict and structural supply disruptions in the Middle East countered aggressive federal efforts to stabilize domestic fuel markets.

This intraday rebound follows reports of US-Israeli airstrikes on Iran’s South Pars gas field which have renewed fears of a prolonged energy shock despite President Trump issuing a 60-day waiver of the Jones Act.

While a 6.2 million-barrel inventory surge and the Federal Reserve’s hawkish hold at the 3.5 to 3.75 range initially pressured prices, the effective closure of the Strait of Hormuz continues to push energy prices higher.

Although strategic reserve releases and a 63,000-barrel per day increase in domestic refinery runs provide a technical buffer, retaliatory threats from Tehran following the killing of intelligence minister Esmaeil Khatib maintain a high risk premium in the December contract.



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