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CommoditiesHigh ImpactUpdated•Originally published 10 March 2026•Updated 11 March 2026•

1 min read

Brent Volatility Surges as US-Iran Tensions Push Prices Toward $120 Before Pullback

Infographic of oil tankers and the Strait of Hormuz map with text showing a 9% oil price increase to 104.

Key Facts

1The U.S. Energy Information Administration (EIA) expects Brent oil prices to remain above $95 per barrel over the next two months.

3 months ago

Version History

Version 13 months ago

What changed: Updated the narrative from general EIA forecasts to extreme market volatility ($120 spike), focusing on specific US-Iran conflict risks and potential blockades in the Strait of Hormuz.

Brent crude oil prices experienced extreme volatility, surging toward $120 per barrel before retreating below the psychologically significant $100 mark. This price action follows a sharp escalation in direct tensions between the United States and Iran, featuring conflicting rhetoric from Donald Trump and the Islamic Revolutionary Guard Corps (IRGC). Markets are increasingly pricing in fears regarding potential shipping disruptions along the strategic Strait of Hormuz, a critical artery for global energy flows. These developments pushed oil prices to their highest levels since the 2022 Russian invasion of Ukraine, underscoring the severity of current geopolitical risks. While the EIA previously focused on a $95 support level, the recent spike highlights a shift toward a high-risk premium environment. Investors remain on edge as the threat of regional instability continues to overshadow broader macroeconomic factors.