Brent oil prices above $100 again after Khamenei signals Hormuz will stay shut
Khamenei said Iran would keep up its attacks on its Gulf Arab neighbours and use the effective closure of Hormuz as leverage against the United States and Israel
- Mar 12, 2026,
- Updated Mar 12, 2026 8:50 PM IST
Brent prices climbed back above $100 per barrel on Thursday, moments after Iran's new Supreme Leader, Mojtaba Khamenei, said the Strait of Hormuz would remain closed.
Also read: Iran's new Ayatollah says Hormuz must remain closed
In his first address since assuming the role of Supreme Leader, Khamenei said Iran would keep up its attacks on its Gulf Arab neighbours and use the effective closure of Hormuz as leverage against the United States and Israel.
Also read: 'It can't happen now': US Navy not ready to escort oil tankers through Hormuz
Also, fresh reports of strikes on shipping helped push Brent crude up by more than 9% on Thursday. WTI, the US benchmark, rose by a similar margin to trade above $95 a barrel.
The surge came despite the International Energy Agency (IEA) announcing on Wednesday that it would release a record 400 million barrels of oil from emergency reserves in an attempt to limit the economic impact.
A spokesperson for the Islamic Revolutionary Guard Corps warned on Wednesday that any vessel linked to the United States, Israel or their allies would be targeted. "You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel," the spokesperson said.
Meanwhile, Chris Wright said on Thursday that the United States Navy would not escort oil tankers passing through the Strait of Hormuz.
Khamenei said that all capabilities must be utilised to close Hormuz and action must be taken in all areas where the "enemies are vulnerable". He said resistance in Yemen will also do its job and that he has given a green signal to the Houthis to attack American ships in the Red Sea.
Brent prices climbed back above $100 per barrel on Thursday, moments after Iran's new Supreme Leader, Mojtaba Khamenei, said the Strait of Hormuz would remain closed.
Also read: Iran's new Ayatollah says Hormuz must remain closed
In his first address since assuming the role of Supreme Leader, Khamenei said Iran would keep up its attacks on its Gulf Arab neighbours and use the effective closure of Hormuz as leverage against the United States and Israel.
Also read: 'It can't happen now': US Navy not ready to escort oil tankers through Hormuz
Also, fresh reports of strikes on shipping helped push Brent crude up by more than 9% on Thursday. WTI, the US benchmark, rose by a similar margin to trade above $95 a barrel.
The surge came despite the International Energy Agency (IEA) announcing on Wednesday that it would release a record 400 million barrels of oil from emergency reserves in an attempt to limit the economic impact.
A spokesperson for the Islamic Revolutionary Guard Corps warned on Wednesday that any vessel linked to the United States, Israel or their allies would be targeted. "You will not be able to artificially lower the price of oil. Expect oil at $200 per barrel," the spokesperson said.
Meanwhile, Chris Wright said on Thursday that the United States Navy would not escort oil tankers passing through the Strait of Hormuz.
Khamenei said that all capabilities must be utilised to close Hormuz and action must be taken in all areas where the "enemies are vulnerable". He said resistance in Yemen will also do its job and that he has given a green signal to the Houthis to attack American ships in the Red Sea.