World Oil Prices Today, March 16, 2026: Strengthening to $100 per Barrel

Jakarta, Pintu News – According to FX Street (16/3), West Texas Intermediate (WTI), the benchmark crude oil price, is trading at around $97.85 at the start of today’s European trading session.

WTI prices rallied as President Donald Trump’s administration considers a military strike on Iran’s main oil export facility on Kharg Island, which is an important asset for the OPEC member. Market participants are also awaiting the release of the American Petroleum Institute (API) report scheduled for Tuesday.

Then, how is the world oil price moving today?

World Oil Price Today

Based on data on the Trading Economics page today (16/3), energy prices showed solid gains, both daily and weekly. Crude Oil was recorded at $100,189 per barrel, up 1,479 points in daily trading or 1.50% stronger. On a weekly basis, the increase reached 5.68%, reflecting a positive trend in the short term.

Read also: What is Brent Oil? Here’s the History and Difference with WTI

Meanwhile, Brent oil was trading at $105.717 per barrel. Its daily gain was recorded higher than Crude Oil, at 2,577 points or 2.50%. On a weekly basis, Brent oil also posted a gain of 6.80%, thus showing a stronger performance than Crude Oil.

Overall, both oil benchmarks are in an uptrend. However, Brent is seen to record more aggressive gains, both in terms of daily movement and weekly accumulation.

Supply Concerns Drive Oil Prices

Growing concerns over global supply after the US attacked Iran’s strategic oil export hub on Kharg Island helped push up WTI oil prices. At the same time, President Donald Trump called on allied countries to help reopen the Strait of Hormuz.

Trump said on Monday that he is in discussions with a number of countries regarding securing the Strait of Hormuz. He also added that Israel is working with the US to keep the important shipping lane safe.

Threats to Energy Infrastructure Heighten Tensions

The US president also warned that attacks could extend to energy infrastructure if Tehran disrupts transit lanes in the Strait of Hormuz, which has effectively been closed since US-Israeli operations began on February 28.

Natasha Kaneva, Head of Global Commodity Strategy at JPMorgan, stated that the US attack on Kharg Island as well as Trump’s threat to target Iran’s oil infrastructure is a major form of escalation in the ongoing war.

However, the upside potential of WTI oil prices may be curbed by the International Energy Agency’s (IEA) historic move to release 400 million barrels of oil from strategic reserves. The IEA said that the release of the record amount of oil was carried out to reduce the economic impact of the US-Israel war against Iran.

The release of emergency oil reserves coordinated through the IEA can add supply to the market in the short term, helping to prevent too sharp a spike in oil prices.

CVXON: Tokenization of Oil Company Shares

As blockchain technology develops, assets that were previously associated with traditional commodity markets are now starting to appear in digital format, including assets related to the energy sector and oil prices.

One relevant example in this context is Chevron (CVXON). As a global energy company, Chevron’s business activities span the entire value chain of the oil and gas industry, from upstream exploration and production to refining, distribution, marketing, transportation, petrochemicals and power development.

In the blockchain ecosystem, exposure to Chevron is now also available through CVXON (Chevron Tokenized Stock), a tokenized digital representation of Chevron Corporation shares issued by Ondo Finance. Through this asset, investors, especially outside the United States, can gain access to Chevron’s stock price movements.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• FX Street. WTI Oil rises to near $98.00 on Trump threats against Iran export facilities. Accessed on March 16, 2026