March 16, 2026, 10:15 amMarch 16, 2026, 10:15 am
Oil prices continue to rise – and there is no end in sight to the Iran war. In the morning, 104.61 US dollars were paid for a barrel (159 liters) of the North Sea Brent variety for delivery in May, around one and a half percent more than on Friday.
The price of oil is rising – as a result, refueling is becoming more expensive.Image: keystone
The high was just under $120 a week ago. For comparison: Before the US and Israeli attacks on Iran began, the price was only around $73 at the end of February.
Most recently, US President Donald Trump called for support from NATO allies in securing oil shipments in the important Strait of Hormuz in the Persian Gulf. Shipping traffic in the strait, which is important for the international transport of oil and liquid gas, is severely affected because of the war.
Oil reserve release evaporates
The release of oil reserves by leading industrialized countries has recently failed to slow oil prices. At the weekend, the International Energy Agency (IEA) announced details on the release of strategic reserves. Accordingly, the released oil reserves in Asia will be available immediately.
Here, buyers are urgently waiting for replacements of deliveries currently blocked by the Strait of Hormuz. The IEA’s statement came after the release of a record 400 million barrels of reserves was reported last week.
“This will lead to unprecedented additional oil supply on the market from March 16,” commented IEA director Fatih Birol in a post on the online platform X. In his assessment, the opening of the Strait of Hormuz is “essential for a return to stable supply flows.” (dab/sda/awp/dpa)