← March 12, 2026 briefing
Oil hits $100 as Iran-US war throttles Gulf shipping
World

Oil hits $100 as Iran-US war throttles Gulf shipping

Iran has dramatically escalated attacks on Gulf infrastructure, striking commercial ships, Dubai's airport, and oil facilities from Bahrain to Oman, effectively shutting the Strait of Hormuz for nearly two weeks. The US and its allies released a record 400 million barrels from strategic reserves, but it hasn't moved markets — crude still hit $100 a barrel and US petrol has surpassed $3.50 a gallon. Iran has set three conditions for peace: recognition of its rights, war reparations, and guarantees against future aggression.

Sources
Iran escalates attacks on infrastructure and transport networks across the Gulf

Iran escalates attacks on infrastructure and transport networks across the Gulf

The Guardian · Mar 11

Trump’s Iran war pushes petrol past $3.50 in test of US voter patience

Trump’s Iran war pushes petrol past $3.50 in test of US voter patience

Financial Times · Mar 11

US to release 172m barrels of oil from strategic petroleum reserve

US to release 172m barrels of oil from strategic petroleum reserve

The Guardian · Mar 11

Oil hits $100 a barrel despite deal to release record amount of reserves

Oil hits $100 a barrel despite deal to release record amount of reserves

BBC · Mar 12

Mar 12

Fire erupts at Gaza camp after Israeli attack hits tents

Al Jazeera · 3:25 AM

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