Brent crude oil futures climbed back above $100 per barrel on March 12, marking a volatile return to triple-digit pricing. Following a dramatic swing from $119 to below $90, May futures on the ICE exchange surged over 9% in a single day to exceed the $100 threshold. The sharp increase was driven by escalating conflict in the Persian Gulf, specifically an attack on two oil tankers by an Iranian underwater drone.

The incident caused fires that halted operations at Iraqi ports. In response, Oman ordered ships to evacuate the Mina al-Fahal terminal for security reasons, disrupting exports of roughly one million barrels daily. Amid the market fever, French President Emmanuel Macron stated that G7 support for Ukraine would remain firm, confirming that energy market instability would not lead to the lifting of sanctions against Russia.

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