Iran war pushes oil above $110: What it means for inflation, markets and consumers

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Published Mar 11, 2026

Crude oil prices have surged past $110 per barrel following disruptions to shipping through the Strait of Hormuz amid the Iran war. Peter McGuire, Australia’s Chief Executive Officer at Trading.com, says the price shock reflects both supply risks and fears of further escalation. The spike marks the highest level since Russia's invasion of Ukraine in 2022, with Brent crude jumping as much as 27 percent in a single session. Energy analysts, including McGuire, warn the price could climb to $140–150 if force majeure is declared on shipments. G7 finance ministers are reportedly considering a coordinated release of strategic petroleum reserves to calm markets and ease pressure on consumers facing higher petrol costs.

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#OilPrices #Iran #StraitOfHormuz #GlobalMarkets #EnergyMarkets #Inflation #GeopoliticalRisk #CrudeOil #AlJazeeraEnglish

Category: News24
Tags: Brent crude, Business and Economy, Energy markets

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Iran war pushes oil above $110: What it means for inflation, markets and consumers

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