Oil prices climbed to $110 per barrel today as the conflict in the Middle East entered its third week, coinciding with the Persian New Year. The latest spike follows an Israeli military strike on the Nur region, east of Tehran, targeting critical infrastructure. Analysts warn that the strategic damage to energy facilities, coupled with the effective closure of the Strait of Hormuz, could keep global energy costs elevated for years. In the United States, the average price for a gallon of regular gas rose another 3 cents, reaching its highest level since October 2022.
Oil surges to $110 after Israel hits Iran’s energy facilities
➡️ https://t.co/1JqWIAMnYV pic.twitter.com/GBxyXj0lFf— euronews (@euronews) March 18, 2026
The “tanker war” fears have been fully revived as Iran continues its retaliatory strikes across the region. In a written statement, Iran’s Supreme Leader declared that “security must be denied to all of Iran’s enemies,” signaling no immediate end to the attacks on shipping and energy assets. The International Energy Agency (IEA) has already initiated a historic release of strategic reserves to combat the volatility, but the market remains on edge as the Strait of Hormuz, which handles 20% of global oil and gas, remains a no-go zone for most commercial vessels.
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