On Monday, March 16, 2026, a fall in crude oil prices was recorded in the global market. This change has been seen in the market after US President Donald Trump sought help from the countries of the world to secure the Strait of Hormuz. The Strait of Hormuz is the world’s most important route for oil and gas shipments. The price of Brent crude fell 24 cents to $ 102.90 per barrel.
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Latest status of oil prices and market
Crude oil prices had risen by more than 40% in the last one month, which was the biggest jump since 2022. Now the International Energy Agency (IEA) has taken a big step to control the prices. The agency has decided to release 400 million barrels of oil from its emergency reserves into the market. This is the biggest stock release ever.
Crude Oil Type New Price Drop Brent Crude $102.90 0.23% WTI Crude $97.64 1.08%
Donald Trump’s new order and security arrangements
President Trump has demanded to send warships from all countries that trade through the Strait of Hormuz. America has confirmed that it will soon deploy its Navy ships to provide security to merchant ships. This tension has increased after Iran threatened to close the Gulf. America has also given a temporary relaxation of 30 days in the sanctions imposed on Russian oil so that there is no reduction in supply.
Its impact on Kuwait and Gulf countries
The ongoing crisis in the Gulf is directly impacting oil production. Kuwait Petroleum Corporation (KPC) has reduced its production and refining operations because tankers are unable to sail safely. Iraq has also cut its production by 1.5 million barrels per day. The impact of this instability is also being seen on the migrants and business living in the Gulf.
Gulf of Hormuz: 20% of the world’s crude oil and LNG passes through here.
Kuwait and Iraq: Forced to reduce production due to filling of storage capacity.
us Navy: Will soon start escorting commercial ships.