Brent Oil Trades Near $100 as Iran Vows to Keep Hormuz Closed

An oil pump jack in Corpus Christi, Texas, US, on Saturday, Feb. 28, 2026.

President Donald Trump's decision to strike Iran creates new risks for a significant chunk of the world's oil supply. Photographer: Eddie Seal/Bloomberg Photo by Eddie Seal /BloombergArticle content(Bloomberg) — Brent oil traded near $100 a barrel following one of the most volatile trading weeks ever, with investors bracing for more upheaval as Iran pledged to keep the Strait of Hormuz effectively shut.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe global oil benchmark fluctuated on Friday after rising 9.2% in the previous session, while West Texas was near $95, following a week of dramatic swings. In his first public comments since succeeding his father, Iran’s new supreme leader Mojtaba Khamenei said the Islamic Republic would seek to ensure the critical waterway for crude and natural gas stayed closed.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentIn a further effort to try and tame surging prices, the US issued its second temporary waiver for the purchase of Russian oil. The latest measure, which is for oil that was loaded onto vessels before March 12, is broader than a directive earlier this month that only cleared India to boost its buying.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe International Energy Agency warned on Thursday that the supply disruption is the largest in the history of the global oil market, a day after its members agreed to a historic release of emergency reserves to try and cool prices. US President Donald Trump also struck a defiant tone, offering little relief to energy markets as the war in Iran nears its third week.Article contentThe near-halt to shipping through the narrow Strait of Hormuz near Iran and the Arabian Peninsula has choked off shipments of crude, natural gas and products such as diesel to global customers, driving up energy prices. It’s raised fears of an inflation crisis and is starting to hit some economies.Article content“This is the most important oil supply disruption event since the 1970s,” said Philip Jones-Lux, senior market analyst at Sparta Commodities, referring to previous Middle East supply shocks. The IEA release helps to keep prices from going to “stratospheric levels,” but probably only for a short period, he added.Article contentArticle contentIran has started laying mines in the Strait of Hormuz, the New York Times reported, citing US officials, which will make shipping even more perilous for those considering passing through the waterway. Since the war began on Feb. 28, vessel traffic through the channel has slowed to a trickle.Article contentThe US Navy could start escorting tankers through strait by the end of March, Energy Secretary Chris Wright said on CNBC. Earlier this week, he wrote in a now-deleted social media post that the Navy had successfully escorted a tanker through the channel, a claim later walked back by the White House.Article content“You cannot clear mines during active combat in a risk-free way and the Navy will not want to enter the strait,” said Aaron Stein, president of the Foreign Policy Research Institute. “The risk is intolerable to international shipping and the options the US can provide won’t mitigate it.”Article contentWTI has traded in a band of about $43 this week, the widest range since the depths of the pandemic when prices turned negative. Brent has swung in a range of around $38. Wild swings have being exacerbated by financial flows from options markets to exchange-traded funds.Article contentThose extreme fluctuations are likely to continue with no signs of the war ending soon. In a social media post on Thursday, Trump said preventing Iran from having nuclear weapons and being a threat to the Middle East is “of far greater interest and importance to me” than the cost of oil.Article content“Volatility likely stays elevated until there’s clarity on flows through Hormuz,” said Haris Khurshid, chief investment officer at Karobaar Capital LP in Chicago. A price range of “$85–$105 makes sense while the conflict is still unresolved and ongoing,” he added. Article contentTrending CRA refused to cancel TFSA overcontribution tax Personal Finance 82 Canadians crack Forbes’ 2026 list of the world’s billionaires. Here's the top 10 High Net Worth What's next for Roots, the iconic Canadian brand that said it might put itself up for sale? Retail & Marketing Audit watchdog flags 'significant' problems in Big Four's work in review that actually names names Finance 'The bids just dried right up': Iran-driven oil shock ripples through Canadian economy News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. CRA refused to cancel TFSA overcontribution tax Personal Finance 82 Canadians crack Forbes’ 2026 list of the world’s billionaires. Here's the top 10 High Net Worth What's next for Roots, the iconic Canadian brand that said it might put itself up for sale? Retail & Marketing Audit watchdog flags 'significant' problems in Big Four's work in review that actually names names Finance 'The bids just dried right up': Iran-driven oil shock ripples through Canadian economy News