Timeline
March 18, 2026 — March 24, 2026
World
Timeline: How the Middle East Crisis Sent Oil Prices Soaring in March 2026
This timeline tracks the rapid escalation of the U.S.-Israel-Iran conflict in late March 2026 and its dramatic impact on global energy markets. Over the course of one week, oil prices surged more than 40% as attacks on energy infrastructure and threats to close the Strait of Hormuz created unprecedented supply concerns, before plummeting following diplomatic signals from President Trump.
15 events · 6 days · 17 source articles
Fri, Feb 27, 2026
Moderate
Pre-conflict oil prices established as baseline
Before the outbreak of hostilities, WTI crude traded at $67.02 per barrel and Brent at $72.48 per barrel. These prices would serve as a reference point for measuring the dramatic increase caused by the conflict that began the following day.
Sat, Feb 28, 2026
Major
U.S.-Israel launch military operations against Iran
The United States and Israel initiated attacks against Iran, marking the beginning of a conflict that would immediately disrupt global energy markets. This military action set off a chain of events that would severely impact oil and gas supplies from the Middle East.
Wed, Mar 18, 2026
Minor
Markets cautiously await Federal Reserve decision
European stock markets opened with modest gains as investors awaited the Federal Reserve's interest rate decision. Concerns about Middle East tensions were already beginning to affect market sentiment, with oil prices starting to rise.
Wed, Mar 18, 2026
Moderate
Stocks fall as oil surges on Middle East tensions
Stock markets reversed earlier gains and declined sharply as oil prices jumped due to escalating tensions in the Middle East. The conflict between the U.S., Israel, and Iran was beginning to create significant disruption in global oil markets.
Wed, Mar 18, 2026
Major
WTI-Brent spread reaches 11-year high
The discount of U.S. crude futures to Brent reached its widest level in 11 years as attacks on Middle Eastern oil infrastructure drove the international benchmark higher while U.S. supply increased. The war had plunged global oil markets into turmoil, with prices reaching multi-year highs as a key trade route was largely closed and some Middle East energy production halted.
Wed, Mar 18, 2026
Major
Strikes on Iran and Qatar gas facilities reported
Israeli and U.S. forces struck the South Pars/North Dome site, the world's largest known gas reserve shared by Iran and Qatar, according to Iranian state television. WTI crude rose 3% to $99.21 per barrel. Iran's Revolutionary Guards threatened retaliation with 'much more severe' strikes against energy infrastructure.
Thu, Mar 19, 2026
Major
Brent oil jumps 10% after energy infrastructure attacks
Brent crude prices surged more than 10%, reaching $114.64 per barrel, as markets reacted to attacks on Middle Eastern energy infrastructure. Natural gas prices also soared as the Revolutionary Guards threatened to intensify strikes against Gulf energy installations. WTI traded more hesitantly, declining slightly to $95.81.
Sun, Mar 22, 2026
Major
WHO warns of 'perilous phase' as strikes near nuclear sites
The World Health Organization declared the conflict had entered a 'perilous phase' after strikes occurred near nuclear sites in both Iran and Israel. WHO Director Tedros Adhanom Ghebreyesus urgently called on all parties to exercise maximum military restraint. President Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz or face bombardment of energy infrastructure, which Iran immediately rejected.
Mon, Mar 23, 2026
Major
Oil prices approach 4-year record as crisis intensifies
Brent crude touched $94.30 per barrel with increases holding above 9% as the virtual blockade of the Strait of Hormuz continued. Goldman Sachs and Barclays issued reports warning that the $100 threshold could shift from being a ceiling to becoming the new dangerous floor of the crisis.
Mon, Mar 23, 2026
Major
WTI breaks $100 barrier, Brent reaches $113
WTI crude surpassed $100 per barrel for the first time in the crisis, trading at $100.10, while Brent reached $113.44. Markets reacted to weekend announcements from the U.S. and Israel that the war would continue for several more weeks, further disrupting hydrocarbon transit through the Strait of Hormuz.
Mon, Mar 23, 2026
Major
Oil plunges over 10% after Trump claims Iran talks
Oil prices crashed more than 10% following President Trump's social media post claiming 'very good' discussions with Tehran to end the conflict. This represented a dramatic reversal in Trump's position, offering hope for de-escalation despite Iranian authorities immediately denying any such talks had occurred.
Mon, Mar 23, 2026
Moderate
Paris CAC 40 rallies as oil retreats below $100
The French CAC 40 index rebounded 0.79% to 7,726.20 points after extreme volatility, as oil prices fell back below $100 per barrel. Investors closely monitored any information about a potential resolution to the Middle East situation. The session saw the index swing from losses to gains of 2.7% before settling.
Mon, Mar 23, 2026
Moderate
Brent crude records 40% surge since conflict began
Analysis showed that Brent crude had jumped more than 40% since the start of the conflict, while European natural gas prices, which are more volatile, had climbed over 75%. Despite Iranian denials of Trump's negotiation claims, markets showed hope for a breathing space in the hydrocarbon crisis.
Mon, Mar 23, 2026
Moderate
Washington declares market disruptions temporary
The U.S. government stated that disruptions to oil markets were temporary, attempting to reassure global energy consumers. This followed the day's dramatic price swings triggered by President Trump's diplomatic signals.
Tue, Mar 24, 2026
Moderate
South Korea announces energy conservation measures
The South Korean government unveiled measures to reduce energy consumption, including restrictions on public sector vehicle use one day per week. This followed raising the resource security alert level to 2 out of 4 the previous week, reflecting Asian concerns about oil supply security amid the Middle East crisis.
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