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Oil Prices Soar Above $100 Amid Iran Conflict

3/12/2026

29 3 Full Breakdown

Summary

Story summary

Oil prices surged above $100 a barrel for the first time in four years amid disruptions from the war with Iran.
The conflict has nearly shut the Strait of Hormuz, a critical oil transit route, heightening supply concerns.
U.S. crude settled at $94.77 per barrel, Brent settled at $98.96.
Gas prices rose to $3.58 per gallon as analysts warn prices could reach $150 per barrel if the disruption persists.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, causing oil prices to surge from $3 to nearly $12 per barrel. This event marked a significant shift in global energy dynamics, with lasting economic impacts that resonate today as tensions in the Strait of Hormuz drive prices above $100 per barrel.

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Story summary

Oil prices surged above $100 a barrel for the first time in four years amid disruptions from the war with Iran.
The conflict has nearly shut the Strait of Hormuz, a critical oil transit route, heightening supply concerns.
U.S. crude settled at $94.77 per barrel, Brent settled at $98.96.
Gas prices rose to $3.58 per gallon as analysts warn prices could reach $150 per barrel if the disruption persists.

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