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Oil Prices Soar Past $100 Amid Iran Conflict

3/13/2026

35 8 Full Breakdown

Summary

Story summary

Oil prices surged past $100 per barrel as the U.S.-Israel alliance and Iran conflict closed the Strait of Hormuz.
The International Energy Agency warns this could be the largest supply disruption in history, with prices potentially reaching $200 per barrel.
Thirty-two countries agreed to release 400 million barrels from reserves as Iran's military threatens to continue attacks on vessels, raising fears of an unresolved crisis.

History

Historical Context

The 1973 Oil Crisis began when OPEC imposed an embargo in response to Western support for Israel during the Yom Kippur War, causing oil prices to surge from $3 to nearly $12 per barrel. This crisis led to severe economic repercussions, including fuel shortages in the U.S. and Europe, and prompted long-term shifts toward energy security and alternative energy sources, echoing today's rising prices amid geopolitical tensions.

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Story summary

Oil prices surged past $100 per barrel as the U.S.-Israel alliance and Iran conflict closed the Strait of Hormuz.
The International Energy Agency warns this could be the largest supply disruption in history, with prices potentially reaching $200 per barrel.
Thirty-two countries agreed to release 400 million barrels from reserves as Iran's military threatens to continue attacks on vessels, raising fears of an unresolved crisis.

1 / 2