Oil poised for further gains as Middle East conflict threatens export facilities

Oil prices could extend gains at Monday's open as the U.S.-Israeli war against Iran entered a third week, putting oil infrastructure at risk and keeping the Strait of Hormuz shut in the world's largest supply disruption. Brent and U.S. West Texas Intermediate crude futures have already spiked sharply and ⁠rattled global financial markets. Both contracts have surged more than 40% so far this month to their ​highest levels since 2022 after the U.S.-Israeli attacks on Iran prompted Tehran to halt shipping through the Strait of Hormuz - a key chokepoint for a fifth of global oil supply. Global oil supply is expected to fall by 8 million bpd in March due to disruptions ​to shipping while Middle Eastern producers have cut output by at least ​10 million bpd, ⁠according to the International Energy Agency. [https://www.reuters.com/business/energy/oil-poised-further-gains-middle-east-conflict-threatens-export-facilities-2026-03-15/](https://www.reuters.com/business/energy/oil-poised-further-gains-middle-east-conflict-threatens-export-facilities-2026-03-15/)