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Concerns over a prolonged blockade of the Strait of Hormuz have intensified following a US-Israel military operation against Iran, causing WTI crude, a key international oil price benchmark, to surge over 40% and surpass $95.

Prolonged Strait of Hormuz Blockade, Trump Says 'No Early Withdrawal'

As military operations by the US and Israel against Iran continue, the Strait of Hormuz is effectively blockaded. US President Donald Trump stated on the 11th (local time) regarding the military operation in Iran, "We do not want to withdraw early." This amplifies concerns that the blockade of the Strait of Hormuz could be prolonged.

International Oil Prices Continue to Soar, IEA Strategic Reserve Release Shows Little Impact

While various countries have decided to release their strategic oil reserves, international oil prices continue their upward trend amidst an unclear "exit strategy" for the US military operation. WTI futures prices, a benchmark for international crude oil trading, at one point surged past $95 per barrel. This is more than 40% higher than before the US and Israel's military operation. Despite the announcement by International Energy Agency (IEA) member countries to release strategic oil reserves, crude oil prices continue their high-flying trajectory.

*Source: NHK (2026-03-12)*

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