Oil Prices Climb Again With Brent Crude Hitting US$106 A Barrel Amid US-Iran Escalation

2026-03-16 05:53:16

(MENAFN- Nam News Network) ISTANBUL, March 16 - Oil prices rose again, with Brent crude hitting US$106 a barrel early Monday before retreating slightly to over US$104 as an escalation in West Asia tensions persists, Anadolu Ajansi reported.

The price increase in the global crude benchmark came after oil futures resumed trading around 2200 GMT on Sunday.

It also comes after US President Donald Trump said Friday that US strikes targeted Kharg Island, Iran's main oil export terminal in the Persian Gulf, without hitting oil infrastructure.

He added, however, that while he has opted not to destroy the facilities, he would immediately reconsider his decision if Iran or anyone else interferes with the free and safe passage of ships through the Strait of Hormuz.

Since Israel and the US launched joint attacks on Iran on Feb 28, killing some 1,300 people so far, including the then-Supreme Leader Ayatollah Ali Khamenei, hostilities have escalated.

⁠Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq and Gulf countries hosting US military assets.

- NNN/BERNAMA/ANADOLU

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