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Financial markets Score 92 Bearish

Brent Crude Surges Past $100 Amid Escalating Strait of Hormuz Tensions

Mar 13, 2026 10:59 UTC
CL=F, ^VIX, XLE
Immediate term

Brent crude oil futures climbed above $100 per barrel on Friday as escalating geopolitical tensions over the Strait of Hormuz intensified, following a call from Iran’s new supreme leader for the passage to remain closed. Market volatility spiked, reflected in rising VIX levels and energy sector exposure.

  • Brent crude futures rose above $100 per barrel
  • Iran’s new supreme leader called for the Strait of Hormuz to remain closed
  • The Strait of Hormuz handles approximately 20% of global oil shipments
  • Market volatility increased, reflected in the rise of ^VIX
  • Energy sector ETF XLE showed upward movement
  • CL=F, ^VIX, and XLE are key financial instruments affected

Brent crude futures surged above $100 per barrel amid growing concerns over the security of maritime traffic through the Strait of Hormuz, a vital artery for global oil supply. The move followed a public statement by Iran’s newly appointed supreme leader, who called for the strait to remain closed, signaling a potential escalation in regional tensions. The Strait, which handles roughly 20% of global oil shipments, has become a focal point of geopolitical risk, with disruptions threatening to tighten global supply. The spike in oil prices coincided with increased volatility in financial markets, as the CBOE Volatility Index (^VIX) registered upward momentum. Energy sector equities, tracked by the energy ETF XLE, also showed signs of upward pressure, reflecting investor anxiety over supply constraints. The situation underscores the fragility of global energy markets in the face of regional instability, with traders closely monitoring developments in the Middle East.

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