Oil Nears $100 as Hormuz Remains in a Near Standstill

FomoAnxiety · 2026-03-12T19:25:51+00:00

Crude oil futures rose over 10% to $95 amid the U.S.-Iran conflict, with Iran threatening to keep the Strait of Hormuz closed. Despite the IEA's reserve release, oil prices surged 40% since the war began, raising U.S. gas prices by 24%.

FomoAnxiety

2026-03-12 19:25:51

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Crude oil futures (CL) are up by over 10% on Thursday to $95 per barrel as the Strait of Hormuz remains effectively closed on the 13th day of the U.S.-Iran war.

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In his first public message, Iran’s new supreme leader, Mojtaba Khamenei, said the shipping lane will remain closed as a “tool to pressure the enemy” and warned that U.S. bases in the Middle East will be attacked. Over the past two days, Iran has attacked seven tankers traveling through the strait and the Persian Gulf.

Oil Shrugs Off Massive IEA Reserve Release

The International Energy Agency (IEA) is set to release 400 million barrels of oil from the reserves of its member countries to combat higher prices. Historical oil releases have peaked at around 1.5 million barrels per day (bpd), much less than the roughly 15 million bpd disrupted by the closure of the strait.

Crude oil has now surged by over 40% since the start of the war, lifting gas prices in the process. Since March 1, the average price for a gallon of gas in the U.S. has increased by 70 cents, or 24%, to $3.59.

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