As Oil Hits $100, Here’s What It Means for Consumers and the Global Economy

The return of $100 oil is sending a powerful signal to consumers and policymakers worldwide: the Middle East conflict is not just a regional military matter but an economic emergency with consequences for every country that imports energy. Brent crude rose around 6% Thursday to nearly $98, having briefly crossed the $100 mark, as Iran continued its campaign against Gulf energy infrastructure. For households and businesses globally, the price spike threatens higher costs for fuel, transportation, and a wide range of goods.
Iran struck merchant ships, fuel tanks, oil tankers, and maritime facilities across Bahrain, Iraq, Oman, and the Strait of Hormuz on Thursday. Three crew members aboard the Thai vessel Mayuree Naree were reported trapped. Iraq suspended all crude exports. The Strait of Hormuz has been closed since February 28, blocking roughly 20% of global seaborne energy flows.
Brent reached $100.29 intraday before settling at $98. West Texas Intermediate rose 8.6% to $94.75. Oil started the year at $60 and hit $119 at this week’s peak. Iran’s military warned that prices could double again to $200, framing the price as a consequence of US military action in the region.
The IEA and the US government took coordinated action to release 400 million and 172 million barrels of emergency crude respectively, the largest supply intervention in history. Energy Secretary Wright said the release would protect American consumers. Goldman Sachs, however, still raised its Q4 2026 Brent forecast to $71 per barrel.
Deutsche Bank warned of a potential stagflationary shock for the global economy. Japan’s Nikkei fell 1.6%, South Korea’s Kospi dropped 1.2%, and European natural gas rose 7.7%. The human cost of the energy crisis is likely to be felt most sharply in import-dependent emerging economies.