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Iran's Threats Push Oil Prices Over $100, Spark Crisis

3/13/2026

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Summary

Story summary

Iran's new supreme leader Mojtaba Khamenei vowed to continue blocking the Strait of Hormuz, threatening to 'destroy' the world economy.
Oil prices have risen above $100 per barrel, disrupting global supply chains.
The International Energy Agency has initiated a record release of 400 million barrels from reserves to mitigate the crisis.
Analysts warn that prolonged disruptions could drive inflation and even stagflation in the U.S. economy.

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Story summary

Iran's new supreme leader Mojtaba Khamenei vowed to continue blocking the Strait of Hormuz, threatening to 'destroy' the world economy.
Oil prices have risen above $100 per barrel, disrupting global supply chains.
The International Energy Agency has initiated a record release of 400 million barrels from reserves to mitigate the crisis.
Analysts warn that prolonged disruptions could drive inflation and even stagflation in the U.S. economy.