Iran's Tanker Attacks Push Oil Above $100 Per Barrel

Iranian strikes on tankers in and around the northern Persian Gulf pushed global oil prices above $100 per barrel on March 12, 2026, as markets reacted to a spread of attacks beyond the Strait of Hormuz.

“Airline stocks slide as oil surges past $100 on Iran tanker attacks By AuthorFrank DeMatteo Stock Markets Published 03/12/2026, 08:51 AM Airline stocks slide as oil surges past $100 on Iran tanker attacks [](https://www”

Investing

Investing reported that "oil prices briefly surged past $100 a barrel following Iranian attacks on two oil tankers in the northern Persian Gulf,"

Korea JoongAng Daily

Korea JoongAng Daily said "Global oil prices climbed back above $100 per barrel in just three days as markets grew increasingly anxious about the possibility of prolonged tensions in the Middle East,"

and MarketWatch noted that "Oil prices on Thursday spiked to above $100 per barrel again and settled at the highest levels since August 2022, after Iran’s new leader said the crucial Strait of Hormuz should remain closed."

Price moves were sharp and volatile: Reuters-based reporting in Investing recorded Brent jumping to $100.52 a barrel while U.S. WTI climbed into the mid-$90s intraday,

MarketWatch recorded Brent and WTI settling near those levels with WTI up about 9.7% to $95.73 and Brent at $100.46,

MarketWatch

and Korea JoongAng reported an intraday Brent high of $101.53 before prices traded around $95–$96 by early evening.

These multiple market readings show intraday spikes followed by somewhat lower settlements as trading responded to flows of news.

The incidents included strikes near Iraqi waters and actions wider than the Strait of Hormuz, and authorities reported no casualties after crew evacuations.

“Global oil prices settle above $100 for first time since 2022, as Iran ramps up strikes and vows to keep blocking Strait of Hormuz Listen (4 min) Listen (4 min) Oil prices on Thursday spiked to above $100 per barrel again and settled at the highest levels since August 2022, after Iran’s new leader said the crucial Strait of Hormuz should remain closed and that the country will continue attacks on its Persian Gulf neighbors”

MarketWatch

Investing described the locations as "approximately 5 nautical miles south of Al Basrah near al-Faw port and the Umm Qasr anchorage area in Iraqi territorial waters" and said "All crew members—estimated at around 25 across both vessels—were evacuated safely with no casualties reported."

Korea JoongAng added that Iran had "attacked four foreign vessels near the Strait of Hormuz and later targeted an oil tanker in Iraqi waters,"

while MarketWatch highlighted Iranian leadership statements about keeping the Strait closed and continuing attacks.

International authorities announced historic reserve releases to try to calm markets, but traders remained skeptical.

Both Investing and Korea JoongAng reported the IEA plan to release 400 million barrels—Investing calling it "the largest such move in its history" with the U.S. releasing 172 million barrels starting March 16,

Korea JoongAng Daily

and Korea JoongAng noting the 400 million-barrel tally was "more than twice the amount released following Russia’s invasion of Ukraine in 2022."

Even so, Investing cited Reuters that "shares in Asia fell broadly Thursday as investors took 'little comfort' from the announcement,'" underscoring doubts that the supply moves would fully offset Gulf disruptions.

The price shock rippled through financial markets and energy-sensitive sectors: Investing documented immediate equity moves, saying "U.S. airline stocks fell in pre-market trading Thursday" with carriers including Southwest, Delta, United and American all down and warning that higher jet fuel could add nearly $5 billion in quarterly fuel costs across the three largest U.S. carriers.

“Airline stocks slide as oil surges past $100 on Iran tanker attacks By AuthorFrank DeMatteo Stock Markets Published 03/12/2026, 08:51 AM Airline stocks slide as oil surges past $100 on Iran tanker attacks [](https://www”

Investing

Investing also noted "Jet fuel prices have jumped 15% in the past week, rising as much as $1.75 per gallon and potentially adding $1.5 billion or more in quarterly fuel costs for each major U.S. airline,"

MarketWatch

while Korea JoongAng summed up the broader market mood: "Expectations that elevated oil prices will persist also rattled global financial markets."

MarketWatch’s note that prices "settled at the highest levels since August 2022" underscores the severity of the market response.