Trending Now - Oil Prices Spike Above $100 as Middle East Tensions Escalate
WHO:
Francisco Blanch, head of commodities and derivatives research at BofA Securities, stated, “The war is gonna transform the way we think about commodities, more fundamentally.”
Clémence Dubois, global campaigns manager for 350.org, called for governments to introduce windfall taxes on the world’s biggest oil companies.
President Trump stated that the U.S. will coordinate with other countries in the region to restore the flow of oil, “so that everything goes quickly, smoothly, and well.”
Energy Secretary Chris Wright mentioned on NBC’s “Meet the Press” that the administration has “done many, many actions to mitigate” the rising price of oil.
President Trump called on the international community for help reopening the Strait of Hormuz.
President Trump ordered strikes on Iranian military assets located on Kharg Island.
President Trump, Trump administration, International Energy Agency, Energy Secretary Chris Wright, BP, Sable Offshore Corp.
Iran, Israel, AAA (American Automobile Association)
WHAT:
The combined market value of the six stock market-listed western “super majors” has soared by more than $130 billion in the two weeks since the first US-Israeli attacks on Iran.
US oil companies can expect a $63.4 billion boost according to consultancy Rystad Energy.
Shell was valued at an all-time high of £190 billion on the London Stock Exchange on March 10th, 2026, up by about 12% since February 27th, 2026.
Exxon’s market value climbed to $630 billion, while Chevron’s valuation climbed to almost $390 billion.
BP’s shares climbed by more than 12% since the end of February to reach a market valuation of £82 billion.
TotalEnergies recorded gains of about 10% to €176 billion (£151 billion).
ENI has climbed by about 13% to €67 billion.
Oil prices rose to about $106.12 a barrel for Brent crude and $101.53 for US oil on March 15th, 2026.
The Trump administration approved a new BP project off America’s Gulf coast on March 10th, 2026, which is the company's first new project since the Deepwater Horizon disaster.
The International Energy Agency's member countries agreed on March 10th, 2026, to release 400 million barrels of emergency oil, the agency's largest collective action.
Oil prices rose to about $106.12 a barrel for Brent crude and $101.53 for US oil on March 15th, 2026.
Brent crude oil is trading near $105 per barrel on March 16th, 2026, up more than 40% since the war began.
U.S. benchmark crude gained 1% to $99.68 per barrel on March 16th, 2026, up nearly 50% since the war began.
The S&P 500 fell 0.6% to 6,632.19 on March 10th, 2026, marking its third straight weekly loss.
The Dow Jones Industrial Average lost 0.3% to 46,558.47 on March 10th, 2026.
The Nasdaq composite finished 0.9% lower, at 22,105.36 on March 10th, 2026.
More than 12 million barrels of oil equivalent per day have been taken offline since the closure of the Strait of Hormuz.
The International Energy Agency's member countries agreed on March 10th, 2026, to release 400 million barrels of emergency oil, the agency's largest collective action.
Oil prices rose to about $106.12 a barrel for Brent crude and $101.53 for US oil on March 15th, 2026.
The US gas prices have increased by 24% to an average of $3.70 a gallon since the start of the war.
President Trump stated that the U.S. would consider hitting Iran's oil infrastructure if Iran continues to block the Strait.
Oil prices rose to about $106.12 a barrel for Brent crude and $101.53 for US oil.
The US and Israel-led war in Iran has entered its third week.
The Trump administration suggested the war could last several more weeks.
The US gas prices increased by 24% to an average of $3.70 a gallon since the start of the war.
The International Energy Agency member countries agreed to release 400 million barrels of emergency oil.
The Trump administration approved a new BP project off America’s Gulf coast.
The Trump administration directed Sable Offshore Corp. to restart its offshore oil rigs and pipelines.
WHERE:
Strait of Hormuz, Iran, Kharg Island, Gulf coast of the United States, Southern California
WHEN:
The war in Iran started on February 28th, 2026, and has now entered its third week as of March 15th, 2026.
The war in Iran started on February 28th, 2026, and has now entered its third week as of March 15th, 2026.
The war in Iran started on February 28th, 2026.
The oil price surge occurred on March 15th, 2026.
The International Energy Agency's oil release will not occur until the end of March 2026.
WHY:
Global green group 350.org stated that “working people shouldn’t be paying the price while oil majors treat the war in the Middle East like a winning lottery ticket.”
The war in Iran has caused the biggest oil disruption in history, affecting shipping flows through the Strait of Hormuz.
The Strait of Hormuz has been effectively shut for oil tankers since the start of the war, affecting about 20% of the world’s oil supply.
The war in Iran has caused the biggest oil disruption in history, affecting shipping flows through the Strait of Hormuz.
Iran has laid mines in the Strait and threatened US-linked oil and gas infrastructure.
HOW:
The International Energy Agency member countries agreed on March 10th, 2026, to release 400 million barrels of emergency oil, the agency's largest collective action, but oil from the Americas and European countries won’t be released until the end of March 2026.
The Trump administration is expanding US oil production to counteract rising fuel prices.
The Trump administration approved a new BP project off America’s Gulf coast on March 10th, 2026, which is the company's first new project since the Deepwater Horizon disaster.
Energy Secretary Chris Wright directed Sable Offshore Corp. to restart its offshore oil rigs and pipelines off the coast of Southern California on March 10th, 2026.
President Trump mentioned in a Truth Social post that the U.S. will coordinate with other countries to restore the flow of oil “so that everything goes quickly, smoothly, and well.”
The Trump administration plans to send naval forces to escort and protect oil tankers.
The administration is expanding US oil production to counteract rising fuel prices.
(UPDATED March 16, 2026 13:19 UTC)
Today, the head of commodities and derivatives research at BofA Securities, Francisco Blanch, emphasized that the ongoing war is set to fundamentally change our perspective on commodities, while Clémence Dubois from 350.org urged governments to impose windfall taxes on major oil companies. In the wake of the recent US-Israeli attacks on Iran, the combined market value of the six major Western oil companies has surged by over $130 billion, with Shell reaching an all-time high valuation of £190 billion just last week. Meanwhile, the International Energy Agency has agreed to release 400 million barrels of emergency oil, marking its largest collective action, although oil from the Americas and Europe won’t be available until the end of this month.
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(UPDATED March 16, 2026 11:14 UTC)
Today, President Trump announced that the U.S. will work with other countries in the region to restore oil flow, ensuring that everything goes quickly, smoothly, and well. This comes as oil prices surged to about $106.12 a barrel for Brent crude and $101.53 for U.S. oil, largely due to the ongoing war in Iran, which has now entered its third week and caused significant disruptions in oil shipping through the Strait of Hormuz. In response to these challenges, Energy Secretary Chris Wright highlighted that the administration has taken numerous actions to mitigate rising prices, including the approval of a new BP project off the Gulf coast and a collective agreement among International Energy Agency members to release 400 million barrels of emergency oil.
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(UPDATED March 16, 2026 09:14 UTC)
Oil prices have surged, with Brent crude trading around $105 per barrel and U.S. benchmark crude rising to $99.68 per barrel as of today, marking significant increases of over 40% and nearly 50% respectively since the onset of the war. In response to the ongoing crisis, the International Energy Agency's member countries agreed last week to release 400 million barrels of emergency oil, their largest collective action to date, while the Trump administration has approved a new BP project off the Gulf coast, the company's first since the Deepwater Horizon disaster. Additionally, Energy Secretary Chris Wright has directed Sable Offshore Corp. to restart its offshore oil rigs and pipelines off Southern California, aiming to boost production amid these rising prices.
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(UPDATED March 16, 2026 05:36 UTC)
Today, President Trump called on the international community for assistance in reopening the Strait of Hormuz, while also ordering strikes on Iranian military assets located on Kharg Island. As a result of the ongoing conflict, which began on February 28, oil prices have surged to about $106.12 a barrel for Brent crude and $101.53 for U.S. oil, with gas prices rising by 24% to an average of $3.70 a gallon since the war started. Trump also indicated that the U.S. is prepared to target Iran's oil infrastructure if the blockade of the Strait continues, emphasizing the need for a coordinated international effort to restore oil flow.
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(UPDATED March 16, 2026 01:23 UTC)
Oil prices surged on March 15, reaching about $106.12 a barrel for Brent crude and $101.53 for US oil, as the US and Israel-led war in Iran entered its third week. The Trump administration has responded by approving a new BP project off the Gulf coast and directing Sable Offshore Corp. to restart its offshore oil rigs, while also planning to send naval forces to protect oil tankers in the Strait of Hormuz. Since the war began on February 28, gas prices in the US have jumped by 24% to an average of $3.70 a gallon, prompting the International Energy Agency to agree to release 400 million barrels of emergency oil by the end of March.