Crude Oil Prices Surge Near $100 as Strait of Hormuz Crisis Deepens
The price of oil is holding near a multi-year high on Friday, March 13, as the ongoing Iran war locks global energy markets in a state of acute supply shock. Crude oil prices are being driven by a near-blockade of the world's most critical oil shipping lane, rattling traders and governments alike.
Crude Oil Price Levels Right Now
At 8:30 a.m. ET today, Brent crude oil — the main global benchmark — was trading at $99.84 per barrel, a rise of $1.08 from the prior morning and roughly $29.47 above where it stood one year ago.
WTI crude oil futures, the North American benchmark, are currently trading at approximately $95.16 per barrel, with today's session range running between $94.53 and $97.99.
Over the past year, the price of WTI crude oil futures has climbed by nearly 43%. The 52-week range now stretches from a low of $54.98 to a high of $119.48 per barrel.
Strait of Hormuz Blockade Is the Core Driver
Iran's new supreme leader Mojtaba Khamenei declared that the Strait of Hormuz would remain closed as a "tool of pressure," sending Brent crude oil surging roughly 9% to just above $100 per barrel on Thursday.
The near-blockade of the Strait of Hormuz is choking off approximately 15 million barrels of crude oil and 5 million barrels of other oil products from global markets each day.
Most of the seven Gulf countries that depend on the strait for crude exports — Saudi Arabia, Iraq, the UAE, Kuwait, Qatar, Bahrain, and Iran — have substantially reduced production as storage tanks reach capacity and export routes remain cut off.
Emergency Reserve Release Fails to Cool Prices
Thirty-two of the world's largest economies, led by the IEA, agreed to release 400 million barrels of emergency oil stocks — the biggest coordinated reserve release ever recorded. The goal was to shore up supplies disrupted by the war.
The market response was muted. At the current rate of supply disruption, the 400 million barrels would be absorbed in just 26 days, rendering the measure a short-term cushion at best.
A senior analyst at Deutsche Bank noted that investors are increasingly pricing in a longer and more economically damaging conflict, a sentiment that continues to underpin elevated crude oil prices heading into the weekend.
EIA Forecast and Wall Street Revisions
The U.S. Energy Information Administration projects that Brent crude oil prices will remain above $95 per barrel over the next two months before pulling back below $80 in the third quarter of 2026 and settling around $70 by year-end.
Goldman Sachs and Bank of America have both revised their average crude oil price forecasts upward, citing the evolving Middle East conflict as the primary catalyst.
Key Price Summary — March 13, 2026 (ET)
| Benchmark | Current Price | Day Change |
|---|---|---|
| Brent Crude | ~$99.84/bbl | +$1.08 |
| WTI Crude | ~$95.16/bbl | Near flat |
| 52-Week WTI Low | $54.98/bbl | — |
| 52-Week WTI High | $119.48/bbl | — |
What Traders Are Watching Next
The surge in crude oil prices has revived fears of stagflation across global markets, putting pressure on central banks already navigating a fragile economic backdrop.
Oil prices reversed early losses in Asian trade on Friday as Iran supply fears continued to overshadow any diplomatic or policy measures designed to ease the crisis.
The price of oil now stands as the single most-watched number in global finance. Until transit through the Strait of Hormuz resumes at meaningful scale, downward pressure on crude oil prices will remain limited, and volatility is expected to persist well into the coming weeks.
