Crude oil prices hover over $100/bbl mark as Iran says Strait of Hormuz should remain shut; Wall Street indices tank over 1.5%

Crude oil prices in the global market were hovering over the $100 mark during the early hours on Friday, March 13, 2026, after Iran’s Supreme Leader, Mojtaba Khamenei, made remarks on how the key trading passage, the Strait of Hormuz, should remain closed amid a global energy crisis.

Rising oil prices also weighed on the Wall Street investors as benchmark indices like S&P, Nasdaq, and Dow Jones lost over 1.5% on Thursday.

During the trading session on Thursday, March 12, 2026, the Brent crude futures hit a high of $101.85 per barrel (bbl), after the market opened with prices at $96.84 per bbl levels, according to Investing.com data. The West Texas Intermediate (WTI) crude oil also hit a high of $97.99 per bbl on Thursday, after the commodity opened at $89.34 per bbl.

Oil prices today

Brent crude futures were trading 0.60% higher at $101.06 per bbl as of 8:12 a.m. (IST), compared to the previous commodity market close of $100.46 per bbl, Investing.com data showed on early market hours on Friday, March 13.

The WTI crude oil futures were trading 0.70% higher at $96.40 as of 8:13 a.m. (IST), compared to the commodity’s previous market close levels of $95.73, as per the data.

Why are oil prices high today?

Oil prices are trading high during Friday’s market session as investors remain cautious about Iran's Supreme Leader, Mojtaba Khamenei’s message to the world on Thursday. In a state TV broadcast, translated by Reuters, the Supreme Leader said that the Strait of Hormuz should remain closed as a tool to exert pressure.

Khamenei also said that all United States bases in the region should also be closed, as otherwise they will be subject to an attack. This statement from the new Supreme Leader comes at a time when reports suggest three civilian cargo ships have been attacked, which were transiting the Strait of Hormuz with caution.

According to a BBC report, two ships out of the three were attacked off the Iraqi coast with an ‘unknown projectile’, and fires were reported on board after the strike, according to the UK Maritime Trade Operation.

The third ship has been attacked 35 nautical miles off the coast of the United Arab Emirates (UAE), and both strikes in the region are currently being investigated by the authorities, according to the report.

These attacks come despite US President Donald Trump’s warning to Iran that if the country does anything to disrupt the global oil trade, then it will be potentially subject to severe consequences.

The Strait of Hormuz remains a key global oil trade route for world nations importing oil from the West Asian Gulf countries. The water body is at a strategic chokepoint in the Persian Gulf, where Iran exercises control over what is one of the biggest trade routes for carrying oil and natural gas.

Wall Street indices tank 1.5%

The benchmark indices on Wall Street, like the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite, lost more than 1.5% during the trading session on Thursday, March 12, 2026, amid the ongoing geopolitical conflict with Iran and surging oil prices.

MarketWatch data showed that the Dow Jones Industrial Average closed 1.56% lower at 46,677.85 points after Thursday’s market session, compared to 47,417.27 points at the previous stock market close.

Chevron Corp., Salesforce Inc., and Walmart were among the top gainers on Dow Jones, while Goldman Sachs, Boeing, 3M, and UnitedHealth Group were among others that lagged during the trading day.

The S&P 500 index closed 1.52% lower at 6,672.62 points, compared to 6,775.80 points at the previous US stock market close, according to the MarketWatch data. Stocks like CF Industries Holdings, LyondellBasell Industries, Dow Inc., and Mosaic Co. were among the gainers of the day.

While others like Charles River Laboratories, Qnity Electronics, Estee Lauder, and Carnival Corp. were among the laggards.

The tech-heavy Nasdaq Composite lost 1.78%, closing at 22,311.98 points, compared to 22,716.13 points at the previous market close, MarketWatch data showed. Stocks like Agroz, Lightwave Logic, Vera Bradley, and AgapeATP Corp. were among the gainers of the day. While others like Incannex Healthcare, Decent Holding, Paranovus Entertainment Tech, and YY Group Holding were among the top losers.