{"id":6905,"date":"2026-03-13T11:35:32","date_gmt":"2026-03-13T11:35:32","guid":{"rendered":"https:\/\/jubaglobal.com\/?p=6905"},"modified":"2026-03-13T11:35:33","modified_gmt":"2026-03-13T11:35:33","slug":"oil-prices-hit-highest-since-2022-middle-east-war-causes-largest-supply-disruption","status":"publish","type":"post","link":"https:\/\/directtopic.com\/jubaglobal.com\/oil-prices-hit-highest-since-2022-middle-east-war-causes-largest-supply-disruption\/","title":{"rendered":"Oil Prices Hit Highest Since 2022: Middle East War Causes Largest Supply Disruption"},"content":{"rendered":"\n

By Juba Global News Network Staff<\/strong>
JubaGlobal.com<\/strong>
March 13, 2026<\/strong><\/p>\n\n\n\n

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Global oil markets are in turmoil as the US-Israeli war against Iran enters its third week, driving crude prices to their highest levels since the 2022 peaks amid what the International Energy Agency (IEA) has described as \u201cthe largest supply disruption in the history of the global oil market.\u201d Brent crude futures surged more than 10% in recent sessions, trading above $100 per barrel for extended periods, while U.S. West Texas Intermediate (WTI) hovered near $96, reflecting widespread fears over Iran\u2019s effective blockade of the Strait of Hormuz and widespread damage to regional energy infrastructure.<\/p>\n\n\n\n

The sharp escalation follows Iran\u2019s retaliatory actions, including drone and missile strikes on Gulf states and threats to keep the critical chokepoint closed indefinitely. With roughly one-fifth of the world\u2019s seaborne oil and a significant portion of liquefied natural gas (LNG) normally passing through the narrow Strait of Hormuz, the near-halt in tanker traffic has created immediate physical shortages, tanker backlogs, and skyrocketing freight costs.<\/p>\n\n\n\n

Record-Breaking Price Surge<\/strong><\/p>\n\n\n\n

Brent crude briefly touched $119.50 per barrel earlier this week \u2014 its highest mark since mid-2022 \u2014 before moderating slightly to around $100.30 on Friday amid partial relief measures like U.S. licenses allowing stranded Russian oil cargoes to reach buyers. WTI crude settled near $95.98, still marking a more than 40% increase since the conflict began on February 28.<\/p>\n\n\n\n

The IEA warned that the disruption dwarfs previous crises, including the 1973 oil embargo and recent Red Sea shipping attacks, due to the combination of direct infrastructure damage in Iran, halted Gulf exports, and persistent security threats in the Strait. Analysts estimate daily global supply shortfalls in the millions of barrels, with no quick resolution in sight.<\/p>\n\n\n\n

U.S. retail gasoline prices have already climbed nearly 70 cents per gallon since early March, reaching an average of $3.59 nationally according to GasBuddy tracking. In high-cost regions like California and the Northeast, pump prices have pushed toward $5 or higher, squeezing household budgets and reigniting inflation concerns.<\/p>\n\n\n\n

Iran\u2019s Stranglehold on the Strait of Hormuz<\/strong><\/p>\n\n\n\n

Iran\u2019s new Supreme Leader Mojtaba Khamenei has repeatedly vowed to maintain the blockade until \u201crevenge is complete\u201d and U.S. forces withdraw from the region. Tehran has declared that the strait will remain closed to shipments benefiting the U.S. and its allies, while selectively allowing limited Iranian exports (primarily to China) to continue under heavy escort.<\/p>\n\n\n\n

Maritime traffic has plummeted to near-zero levels for commercial tankers, with many vessels anchored outside the Gulf awaiting clearance or rerouting around Africa \u2014 adding weeks to delivery times and multiplying shipping costs. Damaged Iranian oil terminals, including threats to Kharg Island, and strikes on Saudi and UAE facilities have compounded the supply crunch.<\/p>\n\n\n\n

Experts note that even if military action opens the strait tomorrow, physical recovery could take months: clearing mines (if deployed), repairing infrastructure, restoring tanker confidence, and rebuilding inventories will all delay normalization.<\/p>\n\n\n\n

IEA and Global Response<\/strong><\/p>\n\n\n\n

The IEA has signaled readiness for its \u201clargest-ever\u201d release from strategic petroleum reserves to blunt the shock, though member nations remain divided on timing and scale. The U.S. has already tapped reserves modestly and issued emergency licenses for Russian oil to ease pressure, but officials acknowledge these are stopgaps.<\/p>\n\n\n\n

President Trump has downplayed long-term impacts, stating that prices will \u201cdrop very rapidly\u201d once objectives are met and Iran is neutralized. Energy Secretary Chris Wright echoed that relief could come in \u201cweeks, not months,\u201d but independent analysts are far more cautious, forecasting sustained high prices through summer if the conflict drags on.<\/p>\n\n\n\n

OPEC+ members, including Saudi Arabia, have cut output in response to the chaos, further tightening markets despite calls for increased production. Developing economies in Asia and Africa face the harshest blows, with soaring import costs threatening food and transport inflation.<\/p>\n\n\n\n

Broader Economic Ripple Effects<\/strong><\/p>\n\n\n\n

Beyond fuel, the oil shock is rippling through aviation (with airfares already surging), manufacturing, agriculture, and shipping. Stock markets have turned volatile, with energy stocks rallying but broader indices falling on inflation and growth fears. Central banks, already grappling with post-pandemic recovery, now face renewed pressure on interest-rate decisions.<\/p>\n\n\n\n

The war\u2019s energy dimension has also intensified diplomatic maneuvering: Russia benefits from higher prices and diverted demand, while China \u2014 Iran\u2019s top oil buyer \u2014 navigates delicate balancing between Tehran and global stability.<\/p>\n\n\n\n

Outlook: No Quick Fix<\/strong><\/p>\n\n\n\n

As the third week unfolds with fresh strikes in Iran, retaliatory attacks on Gulf allies, and Hezbollah barrages into Israel, energy markets brace for prolonged volatility. The IEA and private forecasters warn that without a rapid de-escalation or decisive reopening of the Strait, $100+ oil could persist for months, reshaping global economics and testing political resolve in Washington and beyond.<\/p>\n\n\n\n

Juba Global News Network continues round-the-clock monitoring of energy markets and the Middle East conflict. The human and economic stakes grow higher by the day.<\/p>\n\n\n\n

Stay informed with live market updates and regional reporting.<\/strong>
Visit JubaGlobal.com<\/strong><\/p>\n\n\n\n

#OilCrisis #EnergyNews #IranWar #StraitOfHormuz #GlobalEconomy #MiddleEastWar #JubaGlobal<\/p>\n","protected":false},"excerpt":{"rendered":"

By Juba Global News Network StaffJubaGlobal.comMarch 13, 2026 Global oil markets are in turmoil as…<\/p>\n","protected":false},"author":1199,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[830,842,643,1,782],"tags":[],"class_list":["post-6905","post","type-post","status-publish","format-standard","hentry","category-breaking-news","category-economy-news","category-more-articles","category-news","category-world"],"_links":{"self":[{"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/posts\/6905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/users\/1199"}],"replies":[{"embeddable":true,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/comments?post=6905"}],"version-history":[{"count":1,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/posts\/6905\/revisions"}],"predecessor-version":[{"id":6907,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/posts\/6905\/revisions\/6907"}],"wp:attachment":[{"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/media?parent=6905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/categories?post=6905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/tags?post=6905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}