Brent Crude Surpasses $100 Amidst Middle East Tensions
Brent crude oil futures climbed above $100 per barrel on March 13, 2026, fueled by escalating tensions in the Middle East and concerns over potential disruptions to global oil supplies. The surge in oil prices comes after the new Supreme Leader of Iran, Ayatollah Seyyed Mostafa Khamenei, signaled a continued commitment to blocking the Hormuz Strait.
According to reports, West Texas Intermediate (WTI) crude also experienced a significant increase, rising 9%. This marks the second consecutive day of gains for international benchmark crude oil prices. The situation is heightening anxieties within the global energy market.
Khamenei’s statement, emphasizing the maintenance of the Hormuz Strait blockade and hinting at the possibility of expanding conflict, prompted the price increases. Brent crude closed at $100.46 per barrel, a level not seen since August 2022. Bloomberg reported that millions of barrels of oil are currently stalled in the Persian Gulf, exacerbating energy market disruption.
U.S. Gasoline prices have also been affected, exceeding $3.50 per gallon, with $4.00 being viewed by some as a potential “political crisis line” for the Trump administration.
Despite the heightened rhetoric, President Trump has offered limited public response to Khamenei’s strong messaging. He stated that the situation with Iran is “moving very quickly” and “going very well,” adding, “Our military is second to none. It has never been like this, and nobody has ever seen it.”
President Trump also indicated that the United States benefits from rising international oil prices, stating via social media that the U.S., as the world’s largest oil producer, “can build a lot of money” when prices increase. However, he emphasized that preventing Iran from acquiring nuclear weapons and destabilizing the Middle East and the world remains the priority.
The administration appears to be leveraging the rising oil prices to bolster the justification for potential military action against Iran. President Trump announced plans to continue military operations and closely monitor the Hormuz Strait.
Energy Secretary Chris Wright acknowledged that the U.S. Navy is not yet prepared to escort tankers through the Hormuz Strait, but anticipates readiness by the end of the month.
Meanwhile, Robert Navarro, a key advisor to President Trump, suggested that eliminating the Iranian threat could drive international oil prices below $60 per barrel, as reported by KBS News.
The New York Stock Exchange closed lower on March 13, 2026, pressured by concerns surrounding the Hormuz Strait, GDP data, and the Producer Price Index (PCE). As reported by Yonhap News, these factors contributed to a negative trading session.
