# Oil settles up 9% as Iran vows to keep Strait of Hormuz closed | Reuters

> Oil settled up 9% as Iran vowed to keep the Strait of Hormuz closed. The IEA called it the biggest oil-supply disruption in market history and approved a record 400 million barrel strategic stock release. Middle East Gulf output has been cut by at least 10 million barrels per day, and China banned refined fuel exports for March.

- Date: 2026-03-12 · published 2026-03-12T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/6638-oil-settles-up-9-as-iran-vows-to-keep-strait-of-hormuz-closed-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A cut of roughly 10 million barrels per day, nearly 10% of world demand, is a major supply shock that keeps crude and diesel prices elevated. Chinese fuel export ban and doubts over the stockpile release sustain upward pressure on energy costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2026-03-12 | 1 | +12.5% | 4.0 | Same-day report of oil settling up 9% as Iran vowed to keep Hormuz closed, with the IEA calling it the biggest supply disruption ever and Gulf output cut by at least 10 mb/d; a direct supply driver. |
| BRENT | 2026-03-18 | 5 | +29.8% | 4.8 | Brent settled up ~9% on March 12 as Iran vowed to keep Hormuz closed and the IEA called it the biggest supply disruption ever, a major supply driver inside the 5-day window. |
| DIESEL | 2026-03-17 | 5 | +18.8% | 3.2 | Oil up 9% on Mar 12 as Iran vowed to keep Hormuz closed, the IEA called it the biggest supply disruption ever, Gulf output was cut 10+ mb/d and China banned refined fuel exports, a direct supply shock inside the 5-day window. |
| DIESEL | 2026-03-15 | 5 | +17.6% | 3.2 | Oil up 9% on March 12 as Iran vowed to keep Hormuz closed, with the IEA calling it the largest supply disruption ever and China banning refined fuel exports, which directly tightens diesel supply within the 5-day window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-06-13 | [Oil settles up 7% as Israel, Iran trade air strikes \| Reuters](https://feedsoft.ai/events/10991-oil-settles-up-7-as-israel-iran-trade-air-strikes-reuters.md) | +12.0% | -0.8% |
| BRENT | 2026-03-04 | [Oil settles at highest in over a year for second straight day as Iran crisis escalates, snarls Hormuz flows \| Reuters](https://feedsoft.ai/events/8004-oil-settles-at-highest-in-over-a-year-for-second-straight-day-as-iran-crisis.md) | +7.9% | +48.7% |
| BRENT | 2026-03-05 | [Oil settles up around 5% on supply concerns as Iran conflict widens \| Reuters](https://feedsoft.ai/events/5232-oil-settles-up-around-5-on-supply-concerns-as-iran-conflict-widens-reuters.md) | +12.3% | +35.0% |
| BRENT | 2026-03-02 | [Oil prices soar amid Strait of Hormuz fears as Iran war intensifies](https://feedsoft.ai/events/12016-oil-prices-soar-amid-strait-of-hormuz-fears-as-iran-war-intensifies.md) | +31.0% | +62.6% |
| BRENT | 2026-08-30 | [Oil settles up by more than 2.5% as US and Iran resume military attacks \| Reuters](https://feedsoft.ai/events/18065-oil-settles-up-by-more-than-2-5-as-us-and-iran-resume-military-attacks-reuters.md) | +10.8% | +22.9% |
| WTI | 2025-06-13 | [Oil settles up 7% as Israel, Iran trade air strikes \| Reuters](https://feedsoft.ai/events/10991-oil-settles-up-7-as-israel-iran-trade-air-strikes-reuters.md) | +10.2% | +1.1% |
| WTI | 2026-03-04 | [Oil settles at highest in over a year for second straight day as Iran crisis escalates, snarls Hormuz flows \| Reuters](https://feedsoft.ai/events/8004-oil-settles-at-highest-in-over-a-year-for-second-straight-day-as-iran-crisis.md) | +12.2% | +37.4% |
| WTI | 2026-03-05 | [Oil settles up around 5% on supply concerns as Iran conflict widens \| Reuters](https://feedsoft.ai/events/5232-oil-settles-up-around-5-on-supply-concerns-as-iran-conflict-widens-reuters.md) | +16.5% | +35.8% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-climbs-tankers-are-attacked-iraqi-waters-amid-middle-east-war-2026-03-12/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.