Analysis: International oil prices remain high, and the blockade of the Strait of Hormuz continues to be the main concern

SmartContractAuditor · 2026-03-13T08:21:12+00:00

International oil prices remain elevated, with Brent crude oil futures holding above $100 per barrel. Although the United States has allowed nations to purchase offshore Russian oil to increase supply, analysts believe this will do little to ease market pressure, with the Strait of Hormuz blockade remaining a primary concern. The U.S. Treasury Secretary has proposed forming an international coalition to escort tankers, while Iran has vowed to continue blocking the region.

SmartContractAuditor

2026-03-13 08:21:12

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Odaily Planet Daily reports that international oil prices remain high, with Brent crude futures steady above $100 per barrel, despite the US taking measures to temporarily allow countries to purchase Russian oil already at sea to increase global supply. Swiss bank analyst Ipek Ozkardeskaya said, “These quick measures are unlikely to ease the pressure.” The main concern in the oil market remains the blockade of the Strait of Hormuz. US Secretary of the Treasury Janet Yellen called for the formation of an international coalition to escort oil tankers through the strait “as soon as military conditions permit,” although Iran’s new leadership has vowed to continue blocking the waterway. (Jin10)

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