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Oil Prices Spike as U.S.-Iran Tensions Escalate

3/14/2026

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Summary

Story summary

Oil prices surged above $100 per barrel as the International Energy Agency reported the largest oil supply disruption in history.
U.S. President Donald Trump said the United States would intensify actions against Iran.
Iranian Supreme Leader Mojtaba Khamenei vowed to keep the Strait of Hormuz closed.
The United States has begun discussions about escorting tankers through the Strait of Hormuz, but officials warn conditions are too dangerous.

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Story summary

Oil prices surged above $100 per barrel as the International Energy Agency reported the largest oil supply disruption in history.
U.S. President Donald Trump said the United States would intensify actions against Iran.
Iranian Supreme Leader Mojtaba Khamenei vowed to keep the Strait of Hormuz closed.
The United States has begun discussions about escorting tankers through the Strait of Hormuz, but officials warn conditions are too dangerous.