MOSCOW, April 14. /TASS/. Global oil prices in March 2026 posted the largest monthly increase on record amid the conflict in the Middle East, according to a report by the International Energy Agency (IEA).

Oil prices in March recorded the largest monthly increase in history, as the US-Israeli military campaign against Iran triggered the most severe oil supply shock ever, the report said.

North Sea Dated oil prices rose by $55 per barrel from the start of the conflict through the end of March, posting an average monthly increase of $33 per barrel compared to the previous month, to reach $103.84 per barrel. In April, North Sea Dated prices continued to rise, reaching $145 per barrel, before briefly declining after the United States and Iran agreed to a two-week ceasefire on the condition of the immediate reopening of the Strait of Hormuz. Prices subsequently recovered to around $130 per barrel at the time of the report, the IEA noted.

The agency added that a notable divergence between major futures and spot oil prices was observed in early April. Futures are trading more than $30 per barrel below spot market levels, while physical benchmark prices and differentials more accurately reflect the acute supply shortage, as refineries scramble to replace Middle Eastern supplies, the report said.