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Oil Prices Soar Past $100 Amid Middle East Turmoil

3/13/2026

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Summary

Story summary

Oil prices have surged above $100 per barrel amid escalating Middle East conflict between the U.S.-Israel alliance and Iran.
The Strait of Hormuz has faced significant disruptions as Iranian threats have nearly halted traffic.
U.S. Defense Secretary Pete Hegseth reported that over 15,000 targets have been struck in Iran since the conflict began on February 28.
The International Energy Agency released 400 million barrels from reserves as prices remain high.

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Story summary

Oil prices have surged above $100 per barrel amid escalating Middle East conflict between the U.S.-Israel alliance and Iran.
The Strait of Hormuz has faced significant disruptions as Iranian threats have nearly halted traffic.
U.S. Defense Secretary Pete Hegseth reported that over 15,000 targets have been struck in Iran since the conflict began on February 28.
The International Energy Agency released 400 million barrels from reserves as prices remain high.