Oil Jumps Back Toward $100 per Barrel as Iran Steps up Tanker Attacks
By Tom Ozimek
Published on March 12, 2026.
Oil prices have surged towards $100 per barrel as Iran increases its blockade of the Strait of Hormuz, with analysts warning that energy shock could potentially impact fertilizer and other industries. Despite a coordinated release of strategic reserves by the United States and its allies, oil prices have risen despite fears of supply disruptions and a prolonged regional conflict.
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