- Mohammed Aty/ReutersBrent crude oil surged past $100 a barrel Thursday before dipping below that landmark threshold, though oil prices were still up on the day as further attacks on ships in the Gulf spooked energy traders. “The war in the Middle East is creating the largest supply disruption in the history of the global oil market,” the IEA said in its monthly oil market report. Brent crude, the global oil benchmark, was up 5% to trade at around $96 a barrel. Prices have stayed high despite 32 of the world’s biggest economies, including the United States, agreeing Wednesday to add 400 million barrels of oil to the global market, the biggest-ever release of emergency oil stocks. Attacks on ships, oil output cutsIran has ramped up attacks on oil tankers, striking two foreign oil tankers in Iraqi waters Thursday.

Source: CNN March 12, 2026 05:23 UTC