Crude Oil Prices Soared Amid Prolonged Strait of Hormuz Shipment Disruption Worries

Barry Adams
12 Mar, 2026
New York City

Crude oil prices soared amid worries of a prolonged oil supply disruption through the Strait of Hormuz, which is likely to remain suspended for a while.

The S&P 500 Index decreased 0.3%, and the tech-heavy Nasdaq Composite dropped 0.4% as investors reviewed the fast-changing situation in the Middle East.

The futures for immediate-month delivery of a barrel of West Texas Intermediate crude oil jumped 4.5% to $91.59, and Brent crude advanced 6% to $95.78. 

Brent crude prices surged as much as $100 a barrel before settling down near the $96 level despite the International Energy Agency announcing a historic release of emergency crude oil reserves. 

The Trump administration said it will lead the coordinated release with 172 million barrels, but they will be available in the market after three months.

Stock and crude oil markets overlooked the IEA announcement as Iraq said it would close its ports after two of its ships were struck. 

Tensions remained high, and the U.S. and Israel war showed no sign of receding, despite claims by the U.S. president.

 

U.S. Movers

Dick's Sporting Goods jumped 4.3% to $203.93 after the specialty retailer reported better-than-expected financial results for the fiscal fourth quarter ending on January 31. 

Revenue in the quarter rose 59.9% to $6.2 billion from $3.9 billion, net income fell to $127 million from $300 million, and diluted earnings per share decreased to $3.45 from $3.62 a year ago. 

The retailer estimated full-year fiscal 2026 consolidated earnings per diluted share to be in the range of $13.70 to $14.70 and adjusted consolidated earnings per diluted share to be in the range of $13.50 to $14.50.

The increase in comparable sales in the quarter slowed to 3.1% from 6.6% in the period a year ago, prior to the purchase of Foot Locker. 

Bumble Inc. soared 22.9% to $3.46 after the dating app operator reported strong adjusted earnings and revenue in the fiscal fourth quarter. 

Altassin Corp. increased 1.1% to $76.24 after the company announced it would eliminate 10%, or about 1,550, of its staff following a companywide restructuring. 

The company's stock has dropped about 85% from its peak in October 2021 amid worries that generative AI tools could disrupt its business model.