Oil spikes, gas jumps
Brent crude is holding above $100 and peaked near $106 as Strait of Hormuz disruptions keep supply tight — OPEC’s March reference basket averaged $99.94/bbl, up from $67.90 a month ago. Higher crude has translated to consumer pain: U.S. gasoline prices are roughly 79¢/gallon higher than a month ago, squeezing travel and inflation outlooks NYT CBS.
IEA member countries agreed to a record 400‑million‑barrel emergency release to stabilize markets, the agency announced after an extraordinary meeting on March 11, 2026. (iea.org) The U.S. said it will supply 172 million barrels from the Strategic Petroleum Reserve as part of that plan, with deliveries spread over roughly 120 days, the Energy Department and CNBC reported. (energy.gov) The IEA estimated the Iran conflict has disrupted about 7.5% of global oil supply, calling it the “largest supply disruption” in market history. (bloomberg.com) Bloomberg calculated that “millions of barrels” remain trapped in the Persian Gulf as exports are blocked or delayed by strikes and port shutdowns. (bloomberg.com) Major container carriers including Maersk and MSC have suspended bookings to and from Gulf ports and issued operational advisories, citing crew and vessel safety. (maersk.com) Lloyd’s List reported about 170 containerships — roughly 450,000 TEU of capacity — were stuck inside the Hormuz transit area as carriers reroute and seek shelter. (lloydslist.com) Analysts and policymakers remain skeptical that the reserve releases will immediately cool prices: the IEA release came with no guaranteed timetable for market impact, and traders kept oil elevated amid continued Gulf hostilities. (cnbc.com) Reuters said the oil shock has already put markets on edge and is complicating central‑bank and fiscal policy calculations as governments scramble with emergency meetings and measures.
