Crude Oil: Brent Closes at Highest Level Since 2022 as Middle East Conflict Shows No Signs of Easing

MaticHoleFiller · 2026-03-21T01:05:52+00:00

Brent crude oil prices rose due to concerns about escalating conflict with Iran, closing at $112, up approximately 9%. The Strait of Hormuz is nearly paralyzed, and the U.S. is preparing to deploy ground troops to Iran, causing increased market volatility. Overall, the crude oil market is driven by news, with Brent rising 3.3% in May and WTI up 2.8%.

MaticHoleFiller

2026-03-21 01:05:52

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Brent crude oil reached its highest point since mid-2022 amid market concerns that the Iran war could escalate further, making it difficult for the conflict to be resolved in the short term.

Brent crude closed above $112 per barrel, up approximately 9% this week.

The Strait of Hormuz, which carries 20% of global oil shipments, is nearly paralyzed, and there are signs of continued conflict on Friday.

CBS reported that the U.S. is preparing for a potential deployment of ground troops to Iran.

U.S. officials said the White House is dispatching hundreds of Marines to the Middle East and evaluating plans to seize Iran’s Halek Island oil export hub.

Media reports indicate that Iran is reportedly unwilling to discuss opening the Strait of Hormuz during U.S. attacks, which also contributed to rising oil prices.

“Oil markets experienced another volatile week driven by news, with traders reducing short positions and oil prices strengthening before the weekend,” said Rebecca Babin, senior energy trader at CIBC Private Wealth.

In May, Brent crude rose 3.3%, closing at $112.19 per barrel, the highest since July 2022.

WTI crude oil increased 2.8%, closing at $98.23 per barrel.

The April contracts, which expired on Friday, rose 2.3%, closing at $98.32 per barrel.

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