Back to today’s briefing

Story perspectives

Oil Prices Surge Past $100 Amid US-Iran Tensions

3/13/2026

47 7 Full Breakdown

Summary

Story summary

Oil prices rose after US strikes on Iran, with Brent crude above $100 per barrel, the highest since 2022.
The spike pushed UK petrol and diesel prices to their highest in 20 months.
Analysts warn that prolonged tensions could fuel inflation and push energy bills higher, with the UK energy price cap possibly rising by about 10% by July.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo during the Yom Kippur War, causing oil prices to surge from $3 to nearly $12 per barrel. This crisis triggered global economic turmoil, with inflation rates soaring. Today, rising oil prices, influenced by geopolitical tensions, echo the past, as Brent crude exceeds $100 per barrel, raising concerns about inflation once again.

1 of 2

Story summary

Oil prices rose after US strikes on Iran, with Brent crude above $100 per barrel, the highest since 2022.
The spike pushed UK petrol and diesel prices to their highest in 20 months.
Analysts warn that prolonged tensions could fuel inflation and push energy bills higher, with the UK energy price cap possibly rising by about 10% by July.

1 / 2