Brent Crude Surges Past $100 on Gulf Disruptions as Oman Clears Terminal, Iraq Tankers Attacked

Brent crude futures climbed past $100 per barrel on March 11, 2026, driven by supply disruptions in the Persian Gulf region. The spike followed the resolution of a blockade at Oman’s Fujairah terminal, which had halted the movement of over 15 million barrels of crude and refined products. Simultaneously, three oil tankers en route from Basra were damaged in coordinated attacks near the Iraqi coast, disrupting flows from the southern oilfields. The attacks, attributed to unidentified armed groups, temporarily halted exports from Iraq’s key export terminals, reducing daily crude shipments by approximately 1.2 million barrels. The sudden tightening of supply has led to a sharp repricing in global oil markets. The front-month CL=F contract traded at $100.75 by 10:30 PM EST, up 6.8% on the day. This surge coincided with a 12% jump in the CBOE Volatility Index (^VIX), signaling heightened risk sentiment. The energy sector, as measured by the SPDR Energy Select Sector ETF (XLE), rose 4.2% in early trading, reflecting investor repositioning toward oil-sensitive equities. The disruptions underscore the fragility of maritime supply chains in the Middle East. With 35% of global crude exports passing through the Strait of Hormuz, even localized incidents can trigger widespread volatility. The U.S. Energy Information Administration noted that the attack on Iraqi tankers has led to a 1.8 million barrel reduction in near-term export capacity, with implications for refining margins and global inventory levels. Market participants are now assessing the risk of further escalation. Hedge funds and institutional traders have increased long positions in crude futures by 21% over the past week, indicating a shift toward risk-on positioning despite the geopolitical uncertainty. The situation remains fluid, with shipping insurers increasing premiums for Gulf-bound vessels by up to 35%.