Oil prices surged past $100 a barrel on Thursday, March 12, 2026, following reports of attacks on tankers in the Persian Gulf, escalating tensions in the region and prompting concerns about global supply disruptions. The price of Brent crude rose by 9 percent to $100.22, while US West Texas Intermediate (WTI) crude increased by the same percentage to $95.41, according to reports from Manager Magazin.
The attacks, which targeted vessels in Iraqi waters, have been attributed to Iranian boats laden with explosives, according to Bloomberg. Iraqi oil terminals subsequently halted operations, further exacerbating fears of supply shortages. Oman has reportedly begun evacuating ships from its key oil export terminal, Mina Al Fahal, as a precautionary measure.
The International Energy Agency (IEA) announced plans to release 400 million barrels of oil from strategic reserves in an attempt to stabilize prices, a move mirrored by US President Donald Trump. However, these efforts have so far failed to curb the upward trend in oil prices. “The time is running out for developments in the financial markets and if the high price level of crude oil continues, this could lead to a recession in Europe,” stated Andreas Lipkow, Chief Market Analyst at CMC Markets.
European stock markets reacted negatively to the news. The DAX fell approximately half a percent in early trading, reaching 23,540 points. Jochen Stanzl, Chief Market Analyst at Consorsbank, noted that while the DAX remained above the 23,000-point mark, indicating some investor hope for a swift resolution to the conflict, the index had previously fallen to 22,927 points on Monday – a level not seen since May of the previous year. The DAX had closed the previous day with a 1.4 percent loss, ending at 23,640 points.
The situation is being closely monitored by international markets, with the MSCI Asia-Pacific index excluding Japan dropping 1.6 percent. Tokyo’s Nikkei lost 1.5 percent, while Chinese mainland bourses and the Hong Kong Hang-Seng index also experienced declines. Futures on US indices, including the S&P 500 and Nasdaq, were down one percent each.
