Oil prices close above $100 for the first time since August 2022
3/12/2026 10:14:40 PM
Oil prices surged on Thursday with Brent Crude settling above $100 per barrel for the first time since August 2022, after Iran’s new supreme leader said the Strait of Hormuz must remain closed.
The price of Brent crude jumped 9.2 percent to $100.46 per barrel, while its US equivalent, the West Texas Intermediate, climbed 9.7 percent to $95.73 a barrel.
The war is causing the biggest oil-supply disruption in the history of global markets, the International Energy Agency said on Thursday, a day after approving the release of a record volume of 400 million barrels of oil from strategic stockpiles.
The price of Brent crude jumped 9.2 percent to $100.46 per barrel, while its US equivalent, the West Texas Intermediate, climbed 9.7 percent to $95.73 a barrel.
The war is causing the biggest oil-supply disruption in the history of global markets, the International Energy Agency said on Thursday, a day after approving the release of a record volume of 400 million barrels of oil from strategic stockpiles.