Story perspectives

Oil Prices Soar Near $120 Amid Iran Conflict

3/11/2026

Summary

Story summary

Oil prices surged to nearly $120 per barrel as the Iran conflict escalated, disrupting global energy supplies.
Brent crude reached $119.50 and West Texas Intermediate $119.48 before dropping slightly.
The Strait of Hormuz has halted tanker traffic, affecting 20% of the world's oil.
Iran appointed Ayatollah Mojtaba Khamenei (supreme leader) amid ongoing attacks, and the G7 weighs market-stabilization measures as Iraq and Kuwait cut production due to storage issues.

History

Historical Context

The Iran-Iraq War began in September 1980 when Iraq invaded Iran, aiming to seize the oil-rich Khuzestan province. This conflict led to a 50% drop in Iraq's oil production, disrupting global oil supplies and causing price fluctuations. Today, tensions in the Strait of Hormuz echo these past disruptions, underscoring the ongoing vulnerability of global energy markets amid regional instability.

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Story summary

Oil prices surged to nearly $120 per barrel as the Iran conflict escalated, disrupting global energy supplies.
Brent crude reached $119.50 and West Texas Intermediate $119.48 before dropping slightly.
The Strait of Hormuz has halted tanker traffic, affecting 20% of the world's oil.
Iran appointed Ayatollah Mojtaba Khamenei (supreme leader) amid ongoing attacks, and the G7 weighs market-stabilization measures as Iraq and Kuwait cut production due to storage issues.

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