economy
March 12, 2026
Oil prices jumped another 10 percent during the day!
Oil prices rose again today in the afternoon by 10 percent to over $100 per barrel, after Iran's new supreme leader Mojtaba Khamenei stated that the Strait of Hormuz, crucial for the transport of energy from the Persian Gulf, must remain blocked as a "means of pressure on the enemy."
TL;DR
- Oil prices increased by 10% to over $100 per barrel.
- Iran's new supreme leader, Mojtaba Khamenei, stated the Strait of Hormuz must remain blocked.
- Khamenei also called for the immediate closure of all US military bases in the Middle East, threatening attacks.
- The US Secretary of Energy stated the US Navy is not yet ready to ensure tanker transit through the Strait of Hormuz.
- Interruption of traffic through the Strait of Hormuz has caused the largest oil supply disruptions in history.
- Tankers are staying in ports due to fears of Iranian attacks, further endangering supply stability.
- Iran previously suggested oil prices could reach $200 per barrel.
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