After US President Donald Trump threatened to close the Strait of Hormuz and capture the oil reserves at Iran's Kharg Island, the crude prices skyrocketed and reached $115 per barrel. The international crude oil market reacted frantically after his announcement, and Brent oil rose more than 3% to go above $115 a barrel. The Brent oil was being traded at $72 per barrel a day before the beginning of the US-Israel-Iran war on February 28. US-Iran War sets crude oil prices on fireAt the time of writing this news article on Monday afternoon, Brent crude oil was being sold between $115.78 and $116.40 per barrel. However, the quantity of Russian oil available can meet only four days of India's crude oil demand.

Source: dna March 30, 2026 09:18 UTC