Story perspectives

Oil Prices Surge to $120 Amid Middle East Tensions

3/12/2026

Summary

Story summary

Oil prices rose to nearly $120 per barrel amid the US-Israel war with Iran and fears of disruption through the Strait of Hormuz.
The conflict has caused attacks on oil tankers and infrastructure, prompting the International Energy Agency to recommend releasing 400 million barrels from reserves.
U.S. President Donald Trump said the release would stabilize prices.
Iran threatened to block shipments if attacks continue, raising market volatility.

History

Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo against nations supporting Israel during the Yom Kippur War, leading to a 400% increase in oil prices. This upheaval caused economic turmoil in the U.S. and globally, prompting shifts toward energy independence. Today, rising oil prices amid the U.S.-Israel conflict reflect ongoing geopolitical tensions reminiscent of that era, particularly concerning supply routes like the Strait of Hormuz.

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Story summary

Oil prices rose to nearly $120 per barrel amid the US-Israel war with Iran and fears of disruption through the Strait of Hormuz.
The conflict has caused attacks on oil tankers and infrastructure, prompting the International Energy Agency to recommend releasing 400 million barrels from reserves.
U.S. President Donald Trump said the release would stabilize prices.
Iran threatened to block shipments if attacks continue, raising market volatility.

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