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Oil Prices Soar Above $100 Amid U.S.-Israeli Conflict

3/11/2026

36 6 Full Breakdown

Summary

Story summary

Oil prices surged above $100 per barrel amid the U.S.-Israeli war with Iran, the highest since 2022.
Brent crude briefly hit $120 per barrel before settling near $90.
The conflict disrupted oil production and shipping through the Strait of Hormuz, which handles 20% of global oil transits.
The International Energy Agency announced a historic release of 400 million barrels to stabilize the market.

History

Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo against countries supporting Israel during the Yom Kippur War, causing oil prices to quadruple from $3 to nearly $12 per barrel. This crisis disrupted global oil supply, particularly impacting the U.S. and Europe, and highlighted the vulnerability of economies to oil shocks, a concern that resurfaces amid current geopolitical tensions.

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Story summary

Oil prices surged above $100 per barrel amid the U.S.-Israeli war with Iran, the highest since 2022.
Brent crude briefly hit $120 per barrel before settling near $90.
The conflict disrupted oil production and shipping through the Strait of Hormuz, which handles 20% of global oil transits.
The International Energy Agency announced a historic release of 400 million barrels to stabilize the market.

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