WTI crude futures rose over 2% toward $98 a barrel on Friday as the blockade of the Strait of Hormuz continues to choke 20% of global daily energy throughput while markets digest the latest escalation in regional hostilities. Defense Secretary Pete Hegseth announced Friday that the United States will launch its largest wave of strikes yet against Iranian targets, an intensification that has effectively halted standard commercial maritime traffic and forced major Gulf producers to curtail output due to storage reaching critical capacity. This persistent supply shock is severely tightening the global energy balance because alternative export routes remain insufficient, compelling international buyers to compete for limited non-Gulf cargoes while shipping costs skyrocket due to elevated war-risk insurance.

Crude Oil rose to 99.31 USD/Bbl on March 13, 2026, up 3.74% from the previous day. Over the past month, Crude Oil's price has risen 59.33%, and is up 47.83% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Crude Oil reached an all time high of 410.45 in December of 2025. Crude Oil - data, forecasts, historical chart - was last updated on March 14 of 2026.

Crude Oil rose to 99.31 USD/Bbl on March 13, 2026, up 3.74% from the previous day. Over the past month, Crude Oil's price has risen 59.33%, and is up 47.83% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Crude Oil is expected to trade at 106.28 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 118.75 in 12 months time.



Price Day Month Year Date
Crude Oil 98.71 2.980 3.11% 58.37% 46.93% Mar/13
Brent 103.14 2.680 2.67% 50.16% 46.13% Mar/13
Natural gas 3.13 -0.1020 -3.16% 3.30% -23.71% Mar/13
Gasoline 3.04 0.0768 2.59% 59.21% 41.58% Mar/13
Heating Oil 4.01 0.1158 2.97% 67.94% 85.34% Mar/13
Coal 137.30 -1.45 -1.05% 18.11% 36.28% Mar/13
Ethanol 1.90 0.0225 1.20% 14.50% 8.91% Mar/13
Urals Oil 89.12 7.48 9.16% 60.98% 42.27% Mar/12



Related Last Previous Unit Reference
United States API Crude Oil Stock Change -1.70 5.60 BBL/1Million Mar 2026
Saudi Arabia Crude Oil Production 10100.00 10084.00 BBL/D/1K Jan 2026
United States Crude Oil Production 13655.00 13788.00 BBL/D/1K Dec 2025
Russia Crude Oil Production 10056.00 10074.00 BBL/D/1K Nov 2025
United States Crude Oil Stocks Change 3.82 3.48 BBL/1Million Mar 2026
United States Weekly Crude Oil Production 13678.00 13696.00 Thousand Barrels Per Day Mar 2026

Crude Oil
Crude oil futures are the benchmark for oil prices in the United States and serve as a reference point for global oil pricing. Crude oil is classified as light and sweet where "light" refers to its low density and "sweet" indicates its low sulfur content. The delivery point for crude oil futures is Cushing Hub in Oklahoma. Each futures contract represents 1,000 barrels of crude oil. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so..
Actual Previous Highest Lowest Dates Unit Frequency
99.31 95.73 410.45 -40.32 1983 - 2026 USD/BBL Daily

News Stream
Crude Oil Gains Over 2%
WTI crude futures rose over 2% toward $98 a barrel on Friday as the blockade of the Strait of Hormuz continues to choke 20% of global daily energy throughput while markets digest the latest escalation in regional hostilities. Defense Secretary Pete Hegseth announced Friday that the United States will launch its largest wave of strikes yet against Iranian targets, an intensification that has effectively halted standard commercial maritime traffic and forced major Gulf producers to curtail output due to storage reaching critical capacity. This persistent supply shock is severely tightening the global energy balance because alternative export routes remain insufficient, compelling international buyers to compete for limited non-Gulf cargoes while shipping costs skyrocket due to elevated war-risk insurance.
2026-03-13
Crude Oil Holds Strong Above $96
WTI crude futures advanced past $96 a barrel on Friday as the functional closure of the Strait of Hormuz and intensifying geopolitical rhetoric outweighed Washington’s latest attempts to stabilize global energy costs. While the US Treasury issued a 30-day license for countries to purchase 100 million barrels of Russian oil currently stranded at sea to stabilize global energy markets, Iran’s new Supreme Leader Mojtaba Khamenei declared the waterway would remain shut. The blockade has removed roughly 20% of global oil trade and forced Gulf producers to cut output by 10 million barrels per day as storage capacity reaches critical limits. Although an Indian tanker successfully transited the strait on Friday, analysts suggest the reprieve is temporary as GPS jamming and the threat of missile strikes continue to disrupt 90% of typical traffic.
2026-03-13
Oil Prices Ease, US Eases Russian Oil Sanctions
WTI crude futures pared early gains to trade below $95 a barrel, taking a breather after a 5% rally this week. Traders continue to assess the conflict with Iran, with no signs of de-escalation, as well as the effectiveness of the US administration’s efforts to cool energy prices. Washington said it would temporarily allow countries to purchase Russian oil currently stranded at sea in an effort to keep a lid on rising energy costs, expanding a temporary waiver granted last week to India. US Treasury Secretary Scott Bessent also called for an international coalition to escort tankers through the Strait of Hormuz “as soon as it is militarily possible”. Earlier in the week, the IEA announced a historic release of 400 million barrels from strategic reserves, though the measure has done little to ease prices. Air strikes in the Middle East continue to disrupt production, while the Strait of Hormuz remains closed.
2026-03-13