As I write this on March 30, the price of WTI crude oil has topped $100 per barrel. Brent crude trades at $114 per barrel. Oil was trading at $55 to $60 at the start of 2026, so it has nearly doubled.
Oil prices will likely remain elevated as long as shipping through the Strait of Hormuz is restricted. At this point, the question of when the strait will once again be passable is open-ended.
I have been reading and thinking about what the ongoing consequences could be once energy transport (crude oil and LNG) returns to “normal” conditions.
The shutdown of much of the global oil and LNG supply in the Persian Gulf has created potential energy shortages in many parts of the world. Countries like the Philippines, Thailand, Taiwan, and Vietnam have declared energy emergencies or implemented policies with short workweeks and school closures to conserve energy.
Europe has seen natural gas prices jump by 60%.
The longer the Strait of Hormuz stays closed, the worse the energy crisis will become for many countries. Fortunately, the U.S. is energy self-sufficient and has become a major exporter of crude oil and LNG.
Eventually (hopefully), the strait will return to normal traffic flow, and the Persian Gulf countries will again be able to export their energy commodities.
I think that many countries will start rethinking their energy security. Emphasis on renewable energy will almost disappear. Nuclear and coal power plants will be restarted. Countries will increase their oil and natural gas reserves.
Finally, I believe every country will rethink how it sources its energy needs. This could be very good for U.S. energy exporters. And other production areas, such as Argentina, Guyana, and Suriname, may come into greater focus as reliable sources of energy.
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