New Delhi, March 12: Crude Oil Prices surged toward the 100 USD per barrel mark in early trading on Thursday, March 12, 2026, as escalating attacks on oil tankers in the Strait of Hormuz disrupted one of the world’s most critical shipping routes. The sharp rise comes despite a record emergency oil release announced by the International Energy Agency aimed at stabilizing global supply.

Market volatility intensified after reports of multiple drone and projectile strikes on commercial vessels near the Strait of Hormuz. The narrow waterway handles roughly 21 percent of global petroleum liquids trade, making it one of the most strategically important energy corridors. Since early March, Iranian authorities have declared the route closed, causing maritime traffic to fall by nearly 70 percent and leaving several oil shipments stranded. India Has 74-Day Strategic and Commercial Crude Oil Reserves To Counter Supply Disruptions: Parliament.

In response to the supply shock, the 32 member countries of the International Energy Agency agreed to release 400 million barrels of oil from strategic reserves. The coordinated move marks the largest emergency stock release in the agency’s history, exceeding the response during the 2022 energy crisis. IEA Executive Director Fatih Birol described the action as an unprecedented effort to calm markets and prevent a deeper supply shortage.

Despite the intervention, global oil markets remained under pressure. Brent crude rose by about 7 percent during Thursday’s early session, while West Texas Intermediate followed a similar upward trend. Analysts warn that if tanker traffic through the Persian Gulf does not resume soon, crude oil prices could climb as high as 150 USD per barrel. Oil Supply Crisis: Which Countries Will Run Out First if the Gulf War Halts Crude Exports? Should India Be Worried?

Major importing economies, including India, are closely monitoring the situation. Although domestic reserves may offer temporary relief, prolonged disruption in the Strait of Hormuz could increase fuel costs worldwide and add fresh pressure on inflation and energy security.

(The above story first appeared on LatestLY on Mar 12, 2026 09:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).