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Oil Prices Surge Amidst Ongoing Tensions Near Strait of Hormuz

KVIA•Wednesday, March 11, 2026 at 1:10 PM•CNN Newsource

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Oil prices experienced a significant increase on Wednesday due to heightened concerns over potential supply disruptions in the Strait of Hormuz, following new attacks on vessels in the region. Brent crude rose approximately 4%, surpassing $91 per barrel, while U.S. WTI crude climbed about 4.5% to around $87 per barrel. This surge comes despite reports of a proposed release of up to 400 million barrels from strategic reserves by the International Energy Agency (IEA), which is still under consideration by G7 nations. The ongoing military operations and attacks in the region have led to a loss of 20 million barrels per day, emphasizing the instability affecting global oil supply. Analysts suggest that unless military tensions ease, any price relief will be temporary.

Key Details: • Brent crude is now above $91 per barrel, WTI around $87. • G7 nations are expected to decide on the IEA's proposal on Wednesday. • 20 million barrels per day are currently lost due to the conflict. • The situation remains volatile with ongoing military actions in the region.

energy military-conflict global-economy strat-of-hormuz oil-prices

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Donald TrumpInternational Energy AgencyStrait of HormuzG7Saudi Aramco

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