- March 12, 2026
- Posted by: Tresmark
- Category:
Iranian boats attacked two tankers in Iraqi waters, Iraq port security officials said
Shipping through Strait or Hormuz still halted
IEA proposed release of 400 million barrels may offer only limit relief, analysts say
BEIJING/SINGAPORE, March 12 – Oil prices jumped on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and oil-flow disruptions through the Strait of Hormuz.
Brent futures rose $8.54, or 9.28%, to $100.52 a barrel at 0354 GMT, while U.S. West Texas Intermediate crude was up $7.22, or 8.28%, to $94.47.
Brent hit $119.50 a barrel on Monday, its highest since mid-2022, then dropped after U.S. President Donald Trump said the Iran war could be over soon
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