Oil Price Today (March 16): Crude oil gains 1%, above $100 on Trump’s latest threat to Iran. Here’s why

March 16, 2026

Crude oil prices surged past $100 per barrel as President Trump warned Iran that its vital Kharg Island oil hub could be targeted, sparking fears of global energy supply disruptions. Despite avoiding direct strikes on oil infrastructure, the US is considering high-risk options, while Iran’s drone attack on a UAE terminal adds to regional tensions.

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