Iran Continues to Close the Strait of Hormuz, Oil Prices Break US$100 per Barrel

Adi Ahdiat 13/03/2026 10:51 WIB

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The price of Brent crude oil rose again to US$100 per barrel on March 12, 2026, after the new supreme leader of Iran announced that he would continue to close the Strait of Hormuz.

The price of Brent crude oil (February 12 - March 12, 2026)

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The price of Brent crude oil (February 12 - March 12, 2026)

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The war between the United States and Israel against Iran, which broke out on February 28, 2026, has triggered a rise in global oil prices.

According to Investing.com data, as of the 13th day of the war, March 12, 2026, the price of Brent crude oil reached US$100.46 per barrel.

This price is 39% higher than the day before the war, and has surged by 49% compared to a month ago (month-to-month).

The rise in oil prices on March 12, 2026 occurred after Mojtaba Khamenei, the new supreme leader of Iran, announced that he would continue to close the Strait of Hormuz.

"In a statement read by a news anchor on Press TV, Khamenei called for national unity and said that the vital global route of the Strait of Hormuz would continue to be closed to pressure Iran's enemies," reported the Middle Eastern media outlet Al Jazeera on March 12, 2026.

The Strait of Hormuz is a major oil export route from the Middle East, so its closure could disrupt global oil supplies.

"The large volume of oil exported through the Strait of Hormuz, and the limited options for alternative routes, make any disruption in this strait have a major impact on the global oil market," said the International Energy Agency (IEA) in its Strait of Hormuz Factsheet (February 2026).

"A significant surge in oil prices would be unavoidable, and physical scarcity would quickly occur, if there were a prolonged disruption," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."