Oil stays above $100 a barrel amid Iran’s stranglehold on Strait of Hormuz

Energy markets remain on tenterhooks as the prospect of prolonged war in the Middle East grows.Published On 13 Mar 2026Oil prices have again risen above $100 per barrel as energy markets see little relief amid the biggest disruption to global energy supplies in a generation.Brent crude, the international benchmark, surged more than 9 percent on Thursday as traders weighed the prospect of weeks, or even months, of turmoil in energy markets as the United States and Israel wage war on Iran.Recommended Stories list of 4 itemslist 1 of 4Qatar rejects attempts to ‘drive wedge’ with US over gas pauselist 2 of 4Iran envoy says Tehran will keep Strait of Hormuz openlist 3 of 4UN fact-finding mission warns of continued human rights abuses in Venezuelalist 4 of 4Michigan synagogue ramming an ‘act of targeted violence’: FBIend of listBrent futures, which are traded outside of regular market hours, were priced at $101.13 as of 03:00 GMT.Asian stock markets, including exchanges in Tokyo, Seoul and Hong Kong, opened sharply lower on Friday, following steep losses on Wall Street overnight.The latest surge in oil prices came after Iran’s Supreme Leader Mojtaba Khamenei pledged to maintain the effective closure of the Strait of Hormuz, which normally transports about one-fifth of global oil supplies.In a statement read out on his behalf on Iranian state television, Khamenei described Tehran’s threats against shipping in the waterway as a “lever” that “must continue to be used”.US President Donald Trump struck a similarly defiant tone on Thursday, posting on Truth Social that stopping Iran from getting nuclear weapons was of “far greater interest and importance” than rising oil prices.‘Lack of tangible goals in this war’Traffic through the strait has effectively ground to a halt due to Iranian threats, with only a handful of vessels passing through each day, many of them claiming links to China, Iran’s key economic partner.According to the United Kingdom Maritime Trade Operations (UKMTO) centre, no more than five ships have passed through the waterway each day since the US and Israel launched joint strikes on Iran on February 28, compared with an average of 138 daily transits before the war. At least 16 commercial vessels have been attacked in the region since the start of the conflict, according to the UKMTO.