Global benchmark oil prices were higher midday Thursday amid escalating risks to Middle East energy supply.
As of 11:35 a.m. ET, the May ICE Brent crude contract was trading $4.99 higher at $112.37/bbl, with the June contract up $4.14 at $107.06/bbl, near the highest levels since 2022. The April West Texas Intermediate contract was trading 97cts higher at $97.29/bbl, with May up 83cts at $96.29/bbl.
The Brent-WTI spread has widened sharply from around $5/bbl before the conflict to double digits in recent trading. The global benchmark is more directly exposed to seaborne supply disruptions, while U.S. crude has been relatively insulated by rising domestic pipeline flows.
Refined product futures were also trading higher, with the April ULSD contract up 24.32cts at $4.441/gal and May up 19.78cts at $4.1866/gal. The April RBOB contract was up 4.22cts at $3.1407/gal, with May up 4.33cts at $3.1148/gal.
Crude and products extended gains as markets continued to price in supply risks following attacks on key energy infrastructure across the Middle East. Iranian strikes on facilities in Qatar, Saudi Arabia and the UAE, including damage to the Ras Laffan LNG complex, have raised concerns about prolonged outages and potential disruptions to regional supply. The risk is amplified by constrained tanker traffic through the Strait of Hormuz, limiting export movements and forcing some producers to seek alternative routes. Damage to critical infrastructure could take months to repair.
U.S. officials signaled potential additional releases from the Strategic Petroleum Reserve and possible policy adjustments on Iranian oil flows aimed at tempering near-term price increases.
Rystad Energy said attacks on regional energy assets could remove at least 700,000 b/d of refined product capacity, tightening diesel, jet fuel and naphtha markets, while further escalation involving key export infrastructure could push crude prices toward $120/bbl or higher.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Steve Cronin, scronin@opisnet.com
(END) Dow Jones Newswires
March 19, 2026 12:39 ET (16:39 GMT)
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