Oil Prices Rise Amid Iran Conflict

Global oil prices increased on March 11, 2026, driven by concerns over Middle East energy supply disruptions following reports of Iranian actions in the Strait of Hormuz. Brent crude futures rose to approximately $90 per barrel. This occurred as the U.S. Labor Department reported that inflation remained steady at 2.4% year-over-year in February, aligning with economists' expectations.

Amid escalating tensions, U.S. officials stated Iran placed mines in the Strait of Hormuz, and the U.K. reported cargo ships were struck near the waterway. In response, the International Energy Agency (IEA) proposed releasing 400 million barrels from strategic reserves, its largest-ever proposed release, with member countries expected to decide on Wednesday. Japan announced it would unilaterally release oil from its own reserves.

Despite the geopolitical developments, U.S. equities largely maintained stability following initial U.S.-Israeli attacks on Iran. However, analysts suggest that a prolonged energy crisis could eventually impact corporate earnings and lead to higher inflation.