Brent crude oil futures rose sharply on March 12, 2026, crossing USD 100 per barrel. The oil prices then fell sharply on Monday afternoon and into Tuesday after US President Donald Trump said that the Iran war would be over soon.
Brent crude oil futures opened at USD 100.20 per barrel on March 12 amid reports of attacks on oil tankers in Iraqi waters by Iranian explosive-laden boats and escalating conflict between Iran and Israel.
The prices are up 48.33% in the past month and 41.31% in the last year. The 52-week trading range of crude is USD 58.40 to USD 119.50.
As per reports, Iran has intensified attacks on merchant ships in the Strait of Hormuz.
Ebrahim Zolfaqari, spokesperson for Tehran’s Khatam al-Anbiya military command headquarters, said, “We won’t allow even one litre of oil to reach the US, Israel and their partners. Any vessel or tanker bound to them will be a legitimate target.”
He added, “Get ready for the oil barrel to be at USD 200 because the oil price depends on the regional security, which you have destabilised.”
On Wednesday, three vessels were reported to have been hit in Gulf waters. Iran’s Revolutionary Guards said their forces fired on ships that disobeyed orders.
