Oil prices rose fast on Thursday, March 12, 2026. Brent crude futures went up more than 9 percent. They hit $100.22 a barrel. U.S. crude increased almost 9 percent. It reached $95.41 a barrel.
Tanker Attacks in Iraqi Waters
Iraqi security officials confirmed the incidents. Iranian boats carrying explosives hit two fuel tankers. Iraq closed its oil ports immediately. Oman removed ships from Mina Al Fahal terminal to protect them. Several Iraqi crude tankers burned in the Persian Gulf. Oil leaked into the water.
Supply Fears Push Prices Higher
The attacks created real concern about oil supply. The Strait of Hormuz carries one-fifth of global oil. Trouble in that area tightens supply very quickly. Traders now expect longer delays in Gulf oil shipments.
Iran Warns of Much Higher Prices
Iran gave a strong warning. It said oil could reach $200 a barrel. The country told everyone to prepare for big price increases. Many see these attacks as a reply to recent market calming efforts.
IEA Releases Large Reserves
The International Energy Agency took a major step. It will release 400 million barrels from global reserves. The United States will add 172 million barrels next week. Prices still rose despite this large release. Investors focused on the risks instead.
Ongoing Conflict Adds Pressure
Therefore, fighting in the Middle East keeps driving prices up. Attacks hit merchant ships and energy facilities. Many economies already pay high fuel costs. Traders follow every update. They wait for signs of calm or new trouble in the region.
