Oil Prices Today: Crude Surges as White House Weighs Relief Steps While Chris Wright Warns of Short-Term Disruption
Oil prices jumped sharply Thursday, March 12, with Brent crude settling above $100 a barrel and U.S. benchmark West Texas Intermediate closing near $96, as the market reacted to worsening supply risks tied to the closed Strait of Hormuz.
The move put crude at its highest settlement levels since August 2022 and returned “oil prices today” to the center of market attention just as the White House and the Energy Department tried to reassure consumers and traders that emergency measures could ease some of the strain.
The immediate problem is not demand. It is supply access. With tanker traffic disrupted and attacks on energy infrastructure adding to the uncertainty, traders pushed crude higher even after a record coordinated release from strategic reserves was announced earlier this week.
Brent and WTI Finish Higher as Supply Fears Intensify
Thursday’s session ended with Brent at $100.46 a barrel and WTI at $95.70, capping a surge of roughly 9% on the day. The gains reflected a market that remains highly sensitive to any new threat to Middle East shipping routes, especially after the latest escalation around Hormuz.
The price spike follows several days of violent swings. Crude briefly climbed above $119 earlier this week before pulling back, only to rise again as the prospect of a quick de-escalation faded and fresh attacks raised doubts about how soon normal flows can resume.
That volatility is now the main story. Energy traders are trying to price not just lost barrels, but also the possibility that shipping disruptions could last longer than initially expected.
Chris Wright Says $200 Oil Is Unlikely, but Volatility May Persist
Energy Secretary Chris Wright tried Thursday to calm some of the more extreme market fears, saying a jump to $200 a barrel is unlikely even as he acknowledged the market is dealing with a significant short-term disruption.
His broader message was that the administration is focused on keeping energy moving during what it sees as a temporary supply shock. He also signaled that U.S. naval escorts for tankers are not in place now but could become more likely by the end of March if conditions demand it.
That matters because traders are looking for any sign that shipping security might improve. So far, though, the market is treating those comments as stabilizing rhetoric rather than an immediate solution.
Karoline Leavitt Points to Shipping Flexibility as the White House Looks for Relief
White House press secretary Karoline Leavitt said Thursday that the administration is considering a temporary waiver of Jones Act restrictions to help energy products and agricultural goods move more freely between U.S. ports.
That step would not solve the global crude shock, but it could help reduce domestic bottlenecks by allowing more flexibility in coastal shipping. In practical terms, it is a defensive measure aimed at softening the blow rather than reversing the crude rally.
The White House is also trying to show that it is moving on multiple fronts at once: protecting domestic fuel flows, backing a large reserve release and leaving open the possibility of stronger maritime protection if the disruption drags on.
Strategic Reserve Release Has Not Stopped the Rally
The United States said it will release 172 million barrels from the Strategic Petroleum Reserve as part of a broader 400 million-barrel coordinated action by 32 member nations of the International Energy Agency.
Under normal conditions, a release of that size would likely put heavy downward pressure on crude. This week it has not been enough. Traders appear to believe the current disruption is large enough, and uncertain enough, that emergency barrels can only partially offset the risk premium.
That is why crude rose even after the reserve move was announced. The market is still focused on the same unanswered question: how long key shipping lanes and regional production will remain impaired.
What Higher Oil Prices Mean for Gasoline and Inflation
For U.S. consumers, the most immediate consequence is likely at the pump. National average gasoline prices have already climbed to about $3.60 a gallon, and sustained crude strength would add more pressure in the days ahead.
The broader economic concern is inflation. Higher oil prices tend to raise transportation, manufacturing and shipping costs, which can spread well beyond gasoline. That is especially important at a moment when markets are already watching whether price pressures will reaccelerate.
For now, Thursday’s oil move says the market is not yet convinced the worst of the supply shock has passed. The administration is rolling out relief measures and trying to steady expectations, but as long as the Strait of Hormuz remains effectively shut, crude is likely to stay volatile and fuel-price anxiety will remain high.
