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Story summary
- Brent crude settled at $100.46 per barrel on March 12, 2026, the first above $100 since August 2022.
- WTI rose to $95.73 per barrel amid Middle East tensions over Iran's Strait of Hormuz closure.
- Strategic reserve releases were among efforts to stabilize the market.
- U.S. President Donald Trump said halting Iran's actions takes priority over higher prices.
- Analysts warn that a blocked strait could threaten global oil supply.
