India, March 16 -- Oil prices surged past $106 a barrel, as tensions in West Asia escalated, leading to the effective closure of the Strait of Hormuz.

The conflict has intensified fears of a prolonged global supply shock, with oil prices rising over 40% since the war began.

This has impacted global economies and consumer fuel costs.

Oil prices climbed again on March 15, 2026 as escalating tensions in West Asia and the effective closure of the Strait of Hormuz, one of the world's most strategically important oil transit routes, intensified fears of a prolonged global supply shock.

Brent crude, the international oil benchmark, rose 3 per cent to top $106 a barrel, before easing slightly in early trading on March 16. It was $104.63 a bar...