Global crude oil prices once again pushed toward the $100-per-barrel mark, reaching a high of $98.49 during the Asian trading session of March 12, 2026.
Tracked by Brent, the commodity had briefly crossed the threshold earlier on March 9, surging to $113.73 in early trading before retreating and closing around $86 per barrel by the New York session.
In the days that followed, prices largely hovered around the $90 region after Donald Trump attempted to calm supply fears, suggesting the US–Iran conflict in the Middle East could soon de-escalate.
Prices again threatened the $100 mark after Iran warned oil could spike toward $200 following attacks on three vessels near the Strait of Hormuz, a critical global oil transit route.
What commodity trading data is saying
According to Global crude oil cash instrument data, Brent crude oil has recorded a year-to-date gain of more than 55%.
- As of mid-trading on March 12, 2026, the commodity has surged to more than 30% month-to-date, putting February on track to become its strongest month post-2020 if prices ultimately hold.
- Brent began the year near $60.75 per barrel, rising to $69 by the final trading day of January and extending to around $72 in February as tensions grew over a possible strike on Iran’s nuclear facilities.
However, on February 28, when the United States launched what it called Operation Epic Fury against Iran, Brent jumped from $72 to $77 in early March and later surged above $100 as the feud escalated.
Get up to speed
On 11th March 2026, Iran’s military command warned that global oil prices could climb as high as $200 per barrel after attacks on merchant ships in the Strait of Hormuz.
- The warning came as tensions escalated between Iran, the United States, and Israel, with renewed strikes on Gulf shipping and infrastructure driving market volatility.
- Iran reportedly laid naval mines in the Strait of Hormuz, disrupting roughly 20% of global oil and LNG shipping and raising fears of prolonged supply shortages and further price spikes.
In response, the International Energy Agency announced an emergency release of 400 million barrels of crude from strategic reserves to ease supply disruptions, though markets remain unsettled amid ongoing geopolitical tensions.
What you should know
Brent crude first breached $100 per barrel in March 2022, reaching $115 by May amid Russia–Ukraine tensions that sparked fears of global oil supply disruptions.
- As of London session trading on March 12, 2026, Brent Crude is attempting to climb above $95 per barrel.
- The rise in global crude prices has pushed petrol pump prices higher, as Nigeria still imports most petroleum products despite improvements in domestic refining capacity.
- Oil marketers say petrol could have reached as high as N1,500 per litre if domestic refineries, particularly Dangote Refinery, had not significantly boosted local production capacity.
