Economy

Oil prices increase; Brent crude exceed $108

Oil prices continue to surge on Wednesday, with Brent crude exceeding $108 per barrel as Middle East tensions escalate following US-Israeli strikes on Iranian oil facilities and subsequent retaliation threats

Gokhan Ergocun | 18.03.2026 - Update : 18.03.2026

ISTANBUL

As Middle East tensions escalated, oil prices continued to increase on Wednesday, while the price of Brent crude oil exceeded $108.

The US and Israel struck the Aseluye oil refinery on the coast of the Persian Gulf in southern Iran, as well as refineries linked to the South Pars natural gas field.

Following the targeting of its oil refineries, Iran announced that it would strike US-linked oil facilities in Saudi Arabia, the UAE, and Qatar, and issued an evacuation warning for the oil facilities and their surrounding areas.

The price of Brent oil per barrel rose by around 4.9% as of 4.00 pm (1600GMT) on Wednesday, exceeding $108, while West Texas Intermediate (WTI) crude surpassed the $98 level, up 2.2%.

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