economy
March 13, 2026
Oil closes above $100 for second day as market shrugs off U.S. measures to reduce prices during Iran war
Traders are continuing to monitor developments in the Middle East. Overnight, Trump hinted that an end to the conflict was not imminent.
TL;DR
- Brent crude oil closed above $100 for the second straight day, settling at $103.14 per barrel.
- U.S. crude oil also rose, closing at $98.71 per barrel.
- Despite U.S. and allied measures to control energy costs, including a large release from stockpiles and a waiver for India to buy Russian oil, prices are increasing.
- Developments in the Middle East are being closely monitored, with President Trump indicating the conflict is not ending soon.
- Oil prices have seen significant weekly gains, with Brent futures up about 10% and WTI futures more than 8% higher.
- Attacks on foreign ships near the Strait of Hormuz have raised concerns about a potential global economic shock.
- Experts suggest that the current situation could lead to prolonged high oil prices, with comparisons drawn to the 1970s Arab embargo.
Continue reading the original article