Gotrade News - Global oil prices surged over 4% on Wednesday (03/11/2026), as security threats in the Strait of Hormuz heightened market fears. In recent days, several commercial vessels have been attacked in the area, prompting an emergency release of oil reserves by the International Energy Agency (IEA).
Price Surge and Market Response
Brent oil prices rose by 4.76% to USD 91.98 per barrel, while WTI increased 4.55% to USD 87.25. This disruption has led IEA countries to agree on releasing 400 million barrels of oil, the largest move in history. The blocked Strait of Hormuz, a key export route, is the main driver of the price surge.
Major oil producers in the Gulf, including Saudi Arabia and Iraq, are forced to cut production. Consequently, Brent prices reached USD 99.24 per barrel, exacerbating market fears about global energy supply, especially as the Iran conflict shows no sign of resolution.
Economic and Energy Implications
The rise in oil prices poses the risk of a global inflation crisis, with prices of other energy products like gas and diesel soaring. The United States has contributed by releasing 172 million barrels as part of efforts to stabilize prices, though its impact is yet to be seen.
Head of Commodity Research at Westpac Banking Corp, Robert Rennie, predicts prices will remain high until there are signs of conflict resolution. As the Strait of Hormuz, where one-fifth of the world's oil supply passes, stays blocked, energy commodity prices continue to face pressure.
For investors, staying informed about the conflict's developments is crucial. Whether the IEA's oil reserve release will ease market tensions or if the conflict threat will continue to strain the global economy remains to be seen in the near term.
Reference:
- Liputan6, Harga Minyak Dunia Melesat 4%, Ini Penyebabnya. Accessed on March 12, 2026
- MetroTV, Harga Minyak Dunia Melonjak Lagi Lebih dari 6%. Accessed on March 12, 2026
- Kompas, Harga Minyak Dunia Naik, Perang Iran Ganggu Pasokan Global. Accessed on March 12, 2026
Featured Image: GPT Image 1.5
