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Oil Prices Surge Amidst Middle East Tensions

Published March 12, 2026, 09:23
Oil Prices Surge Amidst Middle East Tensions

Oil prices soared for the second consecutive day, driven by escalating concerns over the crisis in the Middle East. Brent reached $98.44 a barrel and WTI $93.10, despite the release of oil reserves by the International Energy Agency (IEA). The disruption of Iraqi oil terminals following attacks on tankers and increased supply risks exacerbated the situation. Iran is demanding guarantees from the US against future attacks as a condition for ceasefire talks, a request considered unlikely to be accepted by Washington. Simultaneously, the Strait of Hormuz remains effectively closed, with attacks on commercial vessels and reduced production from major regional producers. The IEA responded to the crisis by releasing 400 million barrels of oil from strategic reserves, the largest release in its history. The decision was unanimously approved by its 32 member countries, prioritizing nations with the greatest need. However, the price increase indicates that the release of reserves has not fully offset concerns about supply. The situation remains unstable, and developments in the Middle East continue to impact global energy markets.