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Brent crude, the international benchmark for oil prices, rose 1.8 per cent to $104.98 per barrel during early trading in Asia today, Monday 16 March 2026.
This increase follows President Trump stating he is unwilling to make a deal with Iran. His energy secretary has warned that the war will complete in a few weeks, but oil prices would remain “elevated” in the meantime. “Depending upon the timing and the manner upon which this conflict comes to an end, we’re going to observe some elevated pricing until we get there,” Chris Wright said.
President Trump has also stated: “Iran wants to make a deal, and I don’t want to make it because the terms aren’t good enough yet,” adding that any terms will have to be “extremely solid.”
Domestically, the UK’s poorest households may receive some financial relief. Rachel Reeves told The Times she “found the money” to announce a support package for those not currently supported by the energy price cap.
Though, hopes for increased North Sea drilling have been dashed. Ed Miliband dismissed the idea, despite calls from Octopus boss Greg Jackson and manufacturing industry body Make UK. The energy secretary stated: “Some people want to go around and pretend that if we only we draw more [oil and gas from the North Sea,] prices would go down. That is totally false.”
Frequently Asked Questions
What happened with oil prices today?
Brent crude rose 1.8 per cent to $104.98 per barrel during early trading in Asia.
What is President Trump’s position on a deal with Iran?
President Trump stated he is unwilling to make a deal with Iran because the terms are not currently acceptable.
What is the UK government’s stance on North Sea drilling?
Ed Miliband has dismissed calls for increased North Sea drilling, stating it would not lower prices.
How might these global events impact household finances in the coming weeks?
