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Oil Prices Surge Near $100 Amid Middle East Crisis

3/13/2026

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Summary

Story summary

Oil prices neared $100 per barrel as the Middle East conflict disrupted global energy supplies.
The Strait of Hormuz closure heightens concerns about dependence on Middle Eastern oil, prompting governments to prioritize energy security over climate goals as India and South Korea boost coal and nuclear energy.
Analysts warn that energy prices could fuel inflation and slowdown, while renewable energy's limits prevent full replacement of fossil fuels.

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Story summary

Oil prices neared $100 per barrel as the Middle East conflict disrupted global energy supplies.
The Strait of Hormuz closure heightens concerns about dependence on Middle Eastern oil, prompting governments to prioritize energy security over climate goals as India and South Korea boost coal and nuclear energy.
Analysts warn that energy prices could fuel inflation and slowdown, while renewable energy's limits prevent full replacement of fossil fuels.