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Oil Prices Surge Over $100 Amid U.S.-Iran Tensions

3/13/2026

22 3 Full Breakdown

Summary

Story summary

Oil prices rise above $100 per barrel as the U.S.-Iran conflict disrupts oil supply.
U.S. President Donald Trump and Mojtaba Khamenei, Iran's new Supreme Leader, take defiant stances.
The United States released 400 million barrels from reserves to stabilize prices, with little effect.
Iran's attacks on shipping and energy infrastructure continue, complicating efforts to restore normalcy in global energy markets.

History

Historical Context

The 1973 Oil Crisis began when OPEC imposed an embargo on nations supporting Israel during the Yom Kippur War, causing oil prices to quadruple from $3 to nearly $12 per barrel. This crisis led to significant economic turmoil in the U.S., with unemployment rising and inflation surging. Today, rising oil prices above $100 per barrel reflect ongoing geopolitical tensions, particularly between the U.S. and Iran.

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Story summary

Oil prices rise above $100 per barrel as the U.S.-Iran conflict disrupts oil supply.
U.S. President Donald Trump and Mojtaba Khamenei, Iran's new Supreme Leader, take defiant stances.
The United States released 400 million barrels from reserves to stabilize prices, with little effect.
Iran's attacks on shipping and energy infrastructure continue, complicating efforts to restore normalcy in global energy markets.

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