Since the start of the war, oil prices have been at their highest level in almost four years. (symbol image)Image: keystone
Mar 13, 2026, 7:25 a.mMar 13, 2026, 7:25 a.m
There are no signs of relaxation on the oil market, on the contrary: Iran’s new supreme leader wants to continue using the Strait of Hormuz as a means of pressure. There is no quick help from the USA in sight.
Threats from Iran, no reliable protection, attacks on the oil sector: Almost two weeks after the start of the war in Iran, there are no signs of relaxation on the oil markets. Renewed threats from Iran fueled concerns about a prolonged blockade of the Strait of Hormuz – and the release of oil reserves by the International Energy Agency (IEA) fizzled out on the markets.
Oil prices were higher again shortly after midnight on Friday: a barrel (159 liters) of North Sea Brent for delivery in May cost just under 102 US dollars, slightly more than the day before. Since the start of the war, prices have been at their highest level in almost four years.
Attacks on the energy sector in the Persian Gulf
Increasingly strong attacks by the Iranian armed forces against the energy industries of important producing countries drove up prices. Among other things, fuel tanks in the port of Salalah were attacked in Oman, presumably by Iranian drones. With the attacks, Tehran wants to increase the costs of the war for the attackers.
In addition, ships in the Persian Gulf, the Strait of Hormuz and the Gulf of Oman repeatedly come under fire. The threat from Iranian missiles and drones has brought shipping in the region to an almost complete standstill since the start of the war. There are also media reports that Iran may have mined parts of the strait.
The Strait of Hormuz, approximately 55 kilometers wide, lies between Iran and Oman and is one of the most important sea routes for international oil trade. According to the IEA, a quarter of the world’s oil shipped through the passage last year. With a view to the Iran war, the IEA spoke of the “largest supply disruption in the history of the global oil market”.
USA cannot yet escort oil tankers
The increased oil prices are a sore point for US President Donald Trump, because the Republican has no use for rising gasoline prices, especially in view of the important midterm elections in November. Trump therefore repeatedly threatened Iran if Tehran attacked ships passing through or mine the strait.
Trump also offered shipowners to insure them and have them escorted by the Navy if necessary. But that is currently not possible, as US Energy Secretary Chris Wright admitted. “We’re just not ready yet,” he said. This may be possible with some ships perhaps at the end of the month.
US Treasury Secretary Scott Bessent told Sky News that he was convinced that the US Navy would do this as soon as militarily possible – “perhaps together with an international coalition”.
Released oil reserves evaporate on the markets
The IEA announced on Wednesday that it would release a record amount of strategic oil reserves. In total, the 32 member countries want to put 400 million barrels of crude oil on the market. However, it will probably take some time before the help arrives. The USA, which is contributing 172 million barrels, wants to start deliveries next week. It could take around 120 days for everything to be delivered. (nil/sda/dpa)