Global Energy Emergency: Brent Crude Hits $100 as Tankers Burn in Strait of Hormuz. -

The global energy market has reached a critical turning point as Brent crude surged past $100 per barrel on March 12, 2026. This rapid price escalation follows a devastating night in the Strait of Hormuz, where at least six commercial vessels were targeted and set ablaze, turning the world’s most vital maritime chokepoint into a “graveyard of merchant shipping”.

Maritime Conflict and Energy Impact

Vessels Targeted: Among the six ships set ablaze were the Safesea Vishnu (Marshall Islands-flagged) and the Mayuree Naree (Thai-flagged), hit by explosive boats and aerial projectiles.
Supply Disruption: The International Energy Agency (IEA) has labeled this the largest supply disruption in modern history, with regional production dropping by an estimated 10 million barrels per day.
Global Response: G7 nations have initiated a record-breaking coordinated release of 400 million barrels from strategic reserves, yet markets remain unstable due to Tehran’s “zero-transit” blockade threats.
Escalation Warnings: Iranian Parliament Speaker Mohammad Baqer Qalibaf has warned that Tehran will “abandon all restraint” if the Kharg Island energy terminal is targeted.

Human and Economic Toll

As the conflict enters its 13th day, the costs continue to rise across the region:

Casualties: Over 2,000 lives have been lost, and 3.2 million people have been displaced within Iran.
Trade Barriers: Major importers like India are facing the reality of $120-per-barrel oil projections and skyrocketing insurance premiums, forcing a radical redraw of trade routes.
Aviation Crisis: Indian carriers are facing a “double whammy,” with 64% of long-haul flights disrupted due to the combined effect of the Iran war and the ongoing Pakistan airspace ban.