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Iran's Attacks Drive Oil Prices Above $100

3/12/2026

31 5 Full Breakdown

Summary

Story summary

Oil prices rose above $100 per barrel as Iran intensified shipping attacks in the Persian Gulf, with Brent at $100.52 and WTI at $94.47.
Despite the International Energy Agency's release of 400 million barrels, market fears persist.
Three ships were struck recently, bringing the total to six in two days.
The U.S. military has refrained from escorting tankers due to high risk.

History

Historical Context

The Persian Gulf War began on August 2, 1990, when Iraq, led by Saddam Hussein, invaded Kuwait, claiming economic grievances and territorial rights. This invasion prompted a U.S.-led coalition of 42 countries to intervene, deploying over 500,000 troops to protect Saudi Arabia. The conflict's aftermath saw oil prices soar, with current tensions echoing the volatility of that era, highlighting ongoing geopolitical risks in the region.

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Story summary

Oil prices rose above $100 per barrel as Iran intensified shipping attacks in the Persian Gulf, with Brent at $100.52 and WTI at $94.47.
Despite the International Energy Agency's release of 400 million barrels, market fears persist.
Three ships were struck recently, bringing the total to six in two days.
The U.S. military has refrained from escorting tankers due to high risk.

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