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Brent crude oil prices near $100 per barrel amid the Iran-US war. New leader Mojtaba Khamenei warns of closing the Strait of Hormuz.
Iran-US war
Brent crude oil prices hovered around $100 per barrel as there are no signs of de-escalation of the Iran-US war, with both parties remaining adamant to continue operations of attacking each other. Oil prices saw a sharp spike yesterday to cross $100 per barrel mark for the second time since the tensions escalated after the killing of Iran’s Supreme Leader Ali Khamenei in a joint operation known as ‘Epic Fury’.
The conflict has thrown the entire Middle East region into chaos, as ballistic missiles and drone attacks have brought mass-level destruction of public and private properties, disrupting air flights and prompting a flight of foreign workers.
Brent crude oil prices shot up despite the International Energy Agency’s (IEA) proposal to release a record level strategic oil reserve of 400 million barrels, which is two times than what was released during Russia-Ukraine war in 2022.
Iran’s New Supreme Leader Warning
In his first statement since the US-Israeli war against Tehran, Iranian Supreme Leader Mojtaba Khamenei sent a defiant message to Washington, calling for the Strait of Hormuz to remain closed and for Gulf countries to immediately close all US military bases.
It means the oil and natural gas tankers are likely to face transport hurdles, throwing the nations dependent on these exports into further turmoil and crunch.
Iran has also ramped up its efforts to attack oil tankers attempting to cross the Strait of Hormuz, a major chokepoint through which 20-30 per cent of global oil trade happens.
There are speculations that prices of oil will rise further if the escalation continues for a longer duration.
Capital Economics as quoted by CNN Business believes that oil prices in the $90-100 a barrel range, if sustained, may risk driving up inflation and slowing economic growth in major economies.
March 13, 2026, 07:29 IST
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