Brent crude, the global benchmark for wholesale oil, is currently trading at approximately US$87.50 per barrel as of 11 March 2026, down slightly today but still reflecting extreme volatility.
Prices have surged nearly 30% in the past month, and over 23% year-on-year, due to the escalating US-Israel conflict with Iran, fears of Strait of Hormuz disruptions, and temporary spikes above US$100 per barrel.
WTI crude sits lower at around US$83 to 84 per barrel, but the overall market remains tight with forecasts pointing to US$107 or higher per barrel by quarter-end if tensions persist.
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