Oil price today (March 12, 2026): Crude jumps after tanker strikes in Iraq; supply fears persist
Oil price today: Oil prices surged more than 9% on Thursday, climbing back above the $100-a-barrel mark as fresh strikes on energy supplies and infrastructure in the Middle East heightened fears of major disruptions, overshadowing a record release of crude from strategic reserves aimed at calming markets.Brent Crude jumped 9.3% to $100.50 per barrel, while West Texas Intermediate rose 8.8% to $94.92 at around 0305 GMT.Earlier in the session, at around 0100 GMT, Brent was already up 7.2% at $98.60 per barrel, while WTI had gained 6.5% to $92.96, as escalating tensions in the Middle East continued to rattle global energy markets.
Concerns about supply disruptions intensified after attacks on oil tankers heightened fears that the conflict could affect global crude flows.Videos circulating online showed vessels engulfed in flames, while Iraqi media reports attributed the strikes to Iran. The latest attacks come as the conflict entered its 13th consecutive day on Thursday, with no clear signs of de-escalation.Strategic reserves tapped to calm marketsThe rise in oil prices came despite coordinated efforts by governments and energy agencies to increase supply and stabilise global markets.The United States Department of Energy said on Wednesday it would release 172 million barrels of crude oil from the Strategic Petroleum Reserve starting next week.However, the supply will take time to reach markets. The department said the release would “beginning next week” and would “take approximately 120 days to deliver based on planned discharge rates,” according to a post on X.Earlier, US President Donald Trump also indicated that Washington could tap emergency reserves to help bring prices down.“Right now we’ll reduce it a little bit and that brings the prices down,” Trump said in an interview with Local 12 television in Cincinnati, Ohio when asked whether he would tap the US Strategic Petroleum Reserve.The International Energy Agency (IEA) also said that its member countries had agreed to release 400 million barrels of oil from emergency reserves, the largest coordinated release ever.According to AP, the Paris-based agency will make 400 million barrels available from members’ strategic reserves, significantly higher than the 182.7 million barrels released in 2022 following Russia’s invasion of Ukraine.Other major economies have also joined the effort. Japan said it could begin releasing oil from its reserves as early as Monday, while Germany also announced plans to release supplies, though it has not specified a timeline.Iran conflict disrupts key oil routeThe price volatility comes as tensions escalate in the Middle East following attacks between Iran, the United States, and Israel. Iran has retaliated against US and Israeli strikes that began on February 28, launching attacks on targets across the oil-rich Gulf region.The conflict has also effectively shut down the critical Strait of Hormuz, a vital shipping route for global energy supplies.Nearly 20% of the world’s oil trade normally passes through the narrow waterway connecting the Persian Gulf with the Gulf of Oman. Because of the escalating conflict and threats of missile and drone attacks, tanker traffic through the strait has been severely disrupted.Oil briefly surged above $100Oil prices had already spiked earlier this week as fears of supply disruptions gripped markets. Brent crude briefly surged to $120 per barrel before easing back to around $102 on Monday.The rally came amid reports that Saudi Arabia was cutting output, adding further pressure on global supplies already strained by the disruption in the Strait of Hormuz.The waterway is one of the most important energy chokepoints in the world serving as the main export route for crude oil from Gulf producers to international markets.
