Oil Prices Near $100 Amid Iran Conflict

Brent crude futures are trading near $101.04 per barrel as of March 13, 2026, reflecting a 9% weekly increase, driven by an ongoing U.S.-Israeli military campaign against Iran. This conflict, which has persisted for over a week, has raised concerns about oil supply disruptions, particularly through the Strait of Hormuz, a critical chokepoint for global oil shipments. The elevated oil prices are contributing to fears of increased inflation, impacting global markets.

U.S. stock index futures, including the Dow, S&P 500, and Nasdaq 100, showed modest gains of approximately 0.2% on Friday, March 13, 2026, recovering from earlier losses.

However, the sustained high oil prices and geopolitical tensions in the Middle East continue to influence investor sentiment. The U.S.

Background

Treasury Department has indicated it will permit some purchases of sanctioned Russian crude until April 11 and plans for Navy escorts for commercial vessels in the Strait of Hormuz to mitigate supply concerns.

Gold prices are on track for a second consecutive weekly decline, despite its traditional safe-haven status, due to inflation concerns potentially leading central banks to maintain higher interest rates. A stronger U.S.

dollar, which has appreciated during the conflict, also makes gold more expensive for international buyers. Further clarity on inflation is anticipated with the release of the U.S.

Key Developments

personal consumption expenditures (PCE) price index for January, with the core PCE expected to rise to 3.1% year-over-year.