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Iran Blocks Strait, Oil Prices Surge Over $100

3/13/2026

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Summary

Story summary

Iran's new Supreme Leader Mojtaba Khamenei vows to keep the Strait of Hormuz blockade.
Oil prices rose above $100 per barrel, per the International Energy Agency (IEA), marking the largest disruption.
The U.S. has not begun naval escorts for tankers, citing Iranian threats.
U.S. President Donald Trump’s administration may waive the Jones Act to aid energy transport.

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Story summary

Iran's new Supreme Leader Mojtaba Khamenei vows to keep the Strait of Hormuz blockade.
Oil prices rose above $100 per barrel, per the International Energy Agency (IEA), marking the largest disruption.
The U.S. has not begun naval escorts for tankers, citing Iranian threats.
U.S. President Donald Trump’s administration may waive the Jones Act to aid energy transport.