US crude oil prices surged 9.72% to settle at $95.73 per barrel. Brent crude, the international oil benchmark, rose 9.22% to settle at $100.46 per barrel. The Strait of Hormuz, the vital waterway off Iran’s coast through which 20% of global oil consumption flows, has been effectively closed since the war began. That has sent oil prices soaring and dimmed the outlook for stocks across the globe. CNN’s Fear and Greed Index slipped into “extreme fear.” Brent crude prices are up nearly 38% since the war began.

Source: CNN March 12, 2026 15:09 UTC