A damaged oil tanker in Iraq’s territorial waters, following unidentified attacks that targeted two foreign tankers, near Basra, Iraq, on March 12, 2026. Mohammed Aty/Reuters
Oil prices jumped back toward the $100-per-barrel mark on March 12 despite a coordinated release of strategic reserves by the United States and its allies, as Iranian attacks on oil and transport infrastructure across the Middle East intensified fears of supply disruptions through the Strait of Hormuz and a prolonged regional conflict.
Brent futures climbed $5.95, or 6.47 percent, to $97.93 a barrel at 5:15 a.m. ET, having hit $100 per barrel in earlier trading, while U.S. West Texas Intermediate crude was up $5.25, or 6 percent, to $92.50.
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