Live Update 
From the Liveblog of
Thursday, March 12, 2026
From the Liveblog of
Thursday, March 12, 2026
Oil prices again spike over $100 amid Iran’s attacks on shipping, energy infrastructure
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A person holds a petrol pump near Monza, northern Italy on March 11, 2026 (Stefano RELLANDINI / AFP)
Oil soars above $100 and stocks sink as Iran’s fresh attempts to hit supplies in the Middle East and threats to bring down the global economy overshadow a record release of strategic crude by the International Energy Agency.
The IEA said yesterday that its members had agreed to unlock 400 million barrels of oil from their reserves — their largest release ever.
But the move was unable to overcome fears about the choking of energy supplies from the Middle East, with the Strait of Hormuz — through which a fifth of global crude passes — effectively shut down.
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