Oil Prices Skyrocket Market Panics as Strategic Refineries Come Under Fire.
Global Energy Shock: Brent Crude Surges Past $120 Amid Escalating Middle East Conflict The world is currently grappling with its most severe energy shock in years. On March 13–14, 2026 , Brent Crude prices skyrocketed to $120 per barrel , while WTI surged toward the $112 mark. This aggressive rally past key resistance levels isn't merely driven by demand; it is fueled by "war-level tensions" in one of the world’s most vital strategic corridors. The Hormuz Chokepoint and Supply Disruptions The crisis ignited following a blockade of the Strait of Hormuz , a maritime chokepoint responsible for over 20% of global oil transit . The situation escalated further following reports of targeted strikes on major refineries and storage facilities in the Middle East, leading to an abrupt disappearance of production capacity. Despite the IEA’s announcement to release over 400 million barrels from emergency reserves, market pressure remains relentless. Investors are no longer focu...