Trending Now - Asian Markets Fluctuate Amid Rising Oil Supply Worries

WHO:

President Trump stated, “it’s going to be over with pretty soon,” regarding the current gas prices.

Treasury Secretary Scott Bessent suggested lifting sanctions on Iranian oil already at sea to potentially lower oil prices.

Ole Hansen, commodity strategy head at Saxo Bank, stated that "everything points to a higher for longer" scenario regarding oil prices.

Arend Kapteyn, global head of economics and strategy research and chief economist at UBS, discussed the current energy shock and its impact on consumers.

Christof Rühl, Crystol Energy Global Advisor, stated that the U.S. is running out of methods to keep oil prices low if the Strait of Hormuz remains closed.

President Trump, Israeli Prime Minister Benjamin Netanyahu, Treasury Secretary Scott Bessent, Goldman Sachs, QatarEnergy, Crystol Energy Global Advisor Christof Rühl

32 countries of the International Energy Agency

WHAT:

Brent crude dipped 0.6% to $108 per barrel on March 20th, 2026, while WTI slid 1.1% to $94.6 per barrel.

The Strait of Hormuz has been effectively closed for 19 days as of March 20th, 2026, impacting 20% of the world’s oil supply.

QatarEnergy reported that missile attacks could take up to five years to repair, impacting liquefied natural gas supply to Europe and Asia.

Goldman Sachs warned that the Brent benchmark could exceed its all-time high of around $147 per barrel if supply disruptions lengthen.

Goldman Sachs estimated that Brent prices could be around $111 per barrel by the fourth quarter of 2027 if oil supply through the Strait of Hormuz remains very low for over two months.

QatarEnergy reported that missile attacks could take up to five years to repair, impacting liquefied natural gas supply to Europe and Asia.

Oil prices fell back to around $107 per barrel on March 20th, 2026, after briefly surging to about $119 per barrel on March 19th, 2026.

Brent crude fell 1.6% to $106.90 per barrel, while WTI slid 2% to $93.63 per barrel on March 20th, 2026.

Goldman Sachs warned that Brent prices could exceed its all-time high of around $147 per barrel if supply disruptions continue.

Oil prices fell to around $107 per barrel on March 20th, 2026, after briefly surging to about $119 per barrel on March 19th, 2026.

Brent crude dipped 1.6% to $106.90 per barrel, while WTI fell 2% to $93.63 per barrel on March 20th, 2026.

QatarEnergy stated that missile attacks could take up to five years to repair, impacting liquefied natural gas supply to Europe and Asia.

Oil prices surged above $119 a barrel due to escalating conflict in the Middle East.

Brent crude dipped 0.6% to $108; WTI slid 1.1% to $94.6.

Goldman Sachs warned that oil prices may stay above $100 through 2027.

QatarEnergy reported a 17% reduction in liquefied natural gas export capacity due to missile attacks.

The U.S. committed to releasing more than 172 million barrels of crude from its reserves.

The Strait of Hormuz has been effectively closed for 19 days, impacting 20% of the world’s oil supply.

In a worst-case scenario, Goldman Sachs estimated Brent prices could reach $111 per barrel by the fourth quarter of 2027.

WHERE:

Strait of Hormuz, a waterway between Iran and Oman

Ras Laffan, Qatar, the world’s largest natural gas facility

Middle East, specifically areas affected by the Iran war

WHEN:

The conflict in the Middle East has been ongoing for three weeks as of March 20th, 2026.

The conflict has been ongoing for three weeks as of March 20th, 2026.

Goldman Sachs issued its warning on March 19th, 2026.

The U.S. emergency oil release was agreed upon earlier in March 2026.

WHY:

The escalation of attacks on oil and gas infrastructure in the Arabian Gulf has intensified energy supply concerns.

The current energy shock is unlike the 2011-2014 period due to the critical absence of a strong supply response from the U.S. shale oil patch, according to Arend Kapteyn.

The escalation of attacks on oil and gas infrastructure in the Arabian Gulf has intensified energy supply concerns.

The escalation of attacks on oil and gas infrastructure in the Arabian Gulf has led to increased oil prices.

President Trump urged Israel not to target Iranian energy sites to prevent further escalation.

HOW:

The Trump administration is considering a host of options to combat heightened gasoline prices, including lifting sanctions on Iranian oil already at sea.

Treasury Secretary Scott Bessent suggested lifting sanctions on Iranian oil already at sea to potentially lower oil prices.

The U.S. is considering lifting sanctions on Iranian oil at sea to lower oil prices.

The UK has sent military planners to work with the U.S. on a collective plan regarding the Strait of Hormuz.

(UPDATED March 21, 2026 03:36 UTC)

President Trump expressed optimism about the future of gas prices, stating that “it’s going to be over with pretty soon,” while Treasury Secretary Scott Bessent proposed lifting sanctions on Iranian oil already at sea to help ease the situation. As of March 20, Brent crude prices dipped to $108 per barrel and WTI fell to $94.6 per barrel, amid ongoing tensions that have closed the Strait of Hormuz for 19 days, affecting 20% of the world’s oil supply. Additionally, QatarEnergy reported that missile attacks could delay repairs for up to five years, further complicating the liquefied natural gas supply to Europe and Asia.

(UPDATED March 21, 2026 01:22 UTC)

Today, Ole Hansen from Saxo Bank highlighted that all indicators suggest oil prices will remain elevated for an extended period, while Arend Kapteyn from UBS discussed the ongoing energy shock and its effects on consumers. Goldman Sachs has warned that Brent crude could surpass its all-time high of around $147 per barrel if supply disruptions continue, with estimates suggesting prices could reach about $111 per barrel by late 2027 if oil supply through the Strait of Hormuz remains critically low. Meanwhile, the Trump administration is exploring various strategies to address rising gasoline prices, including the potential lifting of sanctions on Iranian oil that is already en route.

(UPDATED March 20, 2026 19:15 UTC)

Today, oil prices have fallen back to around $107 per barrel after a brief surge to about $119 yesterday, with Brent crude dropping 1.6% to $106.90 and WTI sliding 2% to $93.63. Christof Rühl, a global advisor at Crystol Energy, warned that the U.S. is running out of options to keep prices low if the Strait of Hormuz remains closed, as the conflict in the Middle East continues to escalate. Meanwhile, Treasury Secretary Scott Bessent has proposed lifting sanctions on Iranian oil already at sea as a potential way to help lower prices amid ongoing supply concerns.

(UPDATED March 20, 2026 13:20 UTC)

Oil prices saw a significant drop today, with Brent crude falling to $106.90 per barrel and WTI down to $93.63, after briefly spiking to around $119 yesterday. Meanwhile, QatarEnergy has warned that missile attacks on oil and gas infrastructure could take up to five years to repair, raising concerns about liquefied natural gas supplies to Europe and Asia amid the ongoing conflict in the Middle East, which has now lasted three weeks. In an effort to alleviate rising prices, Treasury Secretary Scott Bessent proposed lifting sanctions on Iranian oil that is already at sea.

(UPDATED March 20, 2026 11:08 UTC)

Oil prices have surged above $119 a barrel amid escalating conflict in the Middle East, with Goldman Sachs warning they may remain above $100 through 2027. The U.S. has committed to releasing over 172 million barrels of crude from its reserves, while QatarEnergy reported a 17% reduction in liquefied natural gas export capacity due to missile attacks, as the Strait of Hormuz has been effectively closed for 19 days, impacting 20% of the world’s oil supply. In response to the situation, President Trump has urged Israel not to target Iranian energy sites, and the UK is sending military planners to collaborate with the U.S. on a strategy for the Strait of Hormuz.