Oil prices surge above $100 per barrel after six ships attacked in Persian Gulf, Strait of Hormuz
By Samuel Chamberlain
Published on March 12, 2026.
Oil prices briefly spiked above $100 per barrel after six ships were attacked by Iran in the Persian Gulf and the Strait of Hormuz, causing Brent crude futures to exceed the 100 mark. The latest attacks were apparently carried out by explosive-laden boats and resulted in the death of at least one crew member and setting the vessels ablaze. The attacks came after President Trump ordered the release of 172 million barrels of oil from the US Strategic Petroleum Reserve in an effort to reduce gas prices.
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