Key oil price spikes over $100 as Iranian attacks hit shipping03/12/2026(Associated Press) - The price of Brent crude oil has spiked back over $100 as Iranian strikes hit ships and the American-Israeli war with Iran shows no signs of slowing. Thursday’s major developments include Iran’s attacks against commercial ships around the Strait of Hormuz and Iraq’s port of Basra, escalating Iran's defense strategy of squeezing the oil-rich Gulf region to threaten global economic stability after 13 days of U.S. airstrikes. The Israeli military also is striking Iran and moving troops to fight Iran’s militant ally Hezbollah in Lebanon, where more than 800,000 people have been displaced by the fighting.