Conflict in Iran continues with traders eyeing $150 crude
March 27, 2026
It appears a quick resolution to this war in Iran is not going to happen. There are signs that some oil tankers are getting through the Strait of Hormuz, with a Thailand and Malaysia oil tanker allowed through, and Iran is receptive to oil being sent to Spain. However, the Strait remains largely shut down.
On March 26, President Trump stated that his deadline for strikes on Iran’s power infrastructure would be extended by one day to April 6. He also said the peace negotiations were going well.
Russia has benefited from this run-up in oil prices, with buyers taking advantage of the US sanctions release and bidding up available cargoes. However, this has also led Ukraine to increase its attacks on Russia’s export capacity and on some refinery assets. Reuters estimates that Russian exports are currently impacted by 2 million barrels per day.
Traders are increasingly betting Brent crude oil will surge to an all-time high of at least $150 per barrel by the end of April, as the war continues to choke supplies through the Strait of Hormuz. Options traders in the derivatives market show bets have increased tenfold in the last few weeks on oil hitting at least $150 per barrel by the end of April, as traders position themselves for near-term volatility.
Iran did rejected the a 15-point plan from the United States, calling it “one-sided and unfair.”
The Iran conflict has already removed roughly 11 million barrels per day from global supply, by some estimates. The EIA has described this as worse than the combined impact of the 1970s oil shocks. Analysts warned that while prices could drop quickly if the war winds down soon, they would likely stay above pre-conflict levels, and could spike if the fighting drags on into summer.