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Market update Score 92 Bearish

Brent Crude Approaches $100 as Iran Threatens to Block Strait of Hormuz

Mar 12, 2026 22:05 UTC
CL=F, ^VIX, XOM
Immediate term

Brent crude oil prices climbed near $100 per barrel amid escalating tensions over Iran's vow to keep the Strait of Hormuz closed. The geopolitical standoff has triggered volatility in energy and defense markets, with investors reassessing supply risks.

  • Brent crude oil prices approached $100 per barrel
  • Iran threatens to keep the Strait of Hormuz closed
  • Strait of Hormuz handles a significant portion of global oil shipments
  • ^VIX rose amid heightened geopolitical risk
  • ExxonMobil (XOM) shares experienced volatility
  • CL=F futures reflected market stress over supply disruptions

Brent crude futures traded close to $100 a barrel on Monday, reflecting heightened concerns over global oil supply following Iran's announcement to maintain closure of the Strait of Hormuz. The strategic waterway, critical for nearly one-fifth of global oil shipments, has become a focal point in regional tensions. The move has prompted immediate market reactions, with energy equities and related defense stocks under pressure. The volatility index, ^VIX, rose in response to the uncertainty, signaling increased risk appetite among investors. Market participants are monitoring developments closely, as any disruption in the strait could lead to sustained price spikes. Energy giant ExxonMobil (XOM) saw its shares fluctuate amid the broader market repricing.

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