{"id":17003,"date":"2026-04-07T05:12:05","date_gmt":"2026-04-07T05:12:05","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=17003"},"modified":"2026-04-07T05:12:05","modified_gmt":"2026-04-07T05:12:05","slug":"iran-disrupted-oil-market-equations-opec-basket-price-in-march-2026-surged-70-to-123","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/17003\/","title":{"rendered":"Iran Disrupted Oil Market Equations; OPEC Basket Price in March 2026 Surged 70% to $123"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The OPEC Reference Basket (ORB) price in March 2026 surged approximately 70%, rising from around $70 to $123.21 per barrel. This sharp increase occurred while in the first two months of the year, OPEC oil had been trading in the $62\u2013$66 range. The most important factor behind this price surge was Iran\u2019s historic smart control of the Strait of Hormuz in the wake of the Ramadan War developments.<\/p>\n

The OPEC basket price in the third month of 2026 jumped 70% to more than $123 per barrel. This is while in the first two months of the year, OPEC oil had mostly traded in the $62\u2013$66 range.<\/p>\n

According to Roydad Naft, the OPEC Reference Basket (ORB), which closed at $70.07 on Friday, February 27, 2026 (8 Esfand), recorded a roughly 70% increase by the end of March and stood at $123.21 on Tuesday, March 31, 2026 (11 Farvardin).<\/p>\n

This comes as OPEC oil traded mostly between $62 and $66 per barrel during the first two months of 2026.<\/p>\n

An examination of the OPEC basket\u2019s movement in March shows that the index began the month with an 11% increase, registering $78.24 on the first trading day (Monday, March 2, 2026). On the 19th day of March (March 19, 2026), OPEC oil hit a multi-year high, surpassing $146 per barrel. After a highly volatile period, the OPEC basket closed the month on March 31, 2026, at $123.21.<\/p>\n

Iran Disrupted the Oil Market Equations!<\/p>\n

There is no doubt that the main reason for the sharp rise in OPEC oil prices in the third month of 2026 was Iran\u2019s historic action of smart control over the Strait of Hormuz, which took place following the developments of the Ramadan War.<\/p>\n

According to the U.S. Energy Information Administration (EIA), under normal conditions, 21 to 22 million barrels of crude oil pass through the Strait of Hormuz daily. This volume equals about 20% of global oil consumption and more than 30% of OPEC\u2019s oil exports.<\/p>\n

These figures show that the Strait of Hormuz is not only an economic chokepoint but also a geopolitical battlefield, and any crisis in this region can rapidly turn into a global energy supply crisis.<\/p>\n

In addition to the smart closure\/control of the Strait of Hormuz, damage to oil and gas facilities in the Persian Gulf countries also contributed to this upward trend.<\/p>\n

From the Dream of Holding the $60 Channel to Stability Above $120<\/p>\n

The 58% surge and stabilization of OPEC oil prices above $120 in March 2026 occurred at a time when oil market analysts and experts had little hope of even maintaining the $60 price range for 2026. They had cited factors such as weak demand, supply surplus, and simultaneous production increases by OPEC+ and other producers.<\/p>\n

Nevertheless, the oil market enters the fourth month of 2026 while market participants and traders are watching the Strait of Hormuz, the outcome of the Ramadan War, and the new rules set by the warriors of Islam more closely than ever before.<\/p>\n

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