Brent Oil Trades Above $100 as US Steps Up Strikes on Iran

Man Group Chief Market Strategist Kristina Hooper is worried about how high energy costs are impacting consumers. She says oil at $120 or $130 could trigger a recession in the US.Source: Bloomberg

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By Bloomberg News

March 12, 2026 at 10:05 PM UTC

Updated on

March 13, 2026 at 4:35 PM UTC

Brent crude traded above $100 a barrel following one of the most volatile weeks ever for the oil market, with investors bracing for more upheaval as Iran pledged to keep the vital Strait of Hormuz effectively shut.

The global oil benchmark fluctuated on Friday after jumping 9.2% during the previous session, with price swings this week covering the widest range on record. Reuters reported that Iran let two Indian-flagged liquefied petroleum gas carriers sail through the Strait of Hormuz. If confirmed, that would be a significant milestone for investors that see a return to normal shipping flows through the Hormuz as critical to restoring balance in energy markets.