International oil prices surge 9%, gold and silver plunge in short-term

MaticHoleFiller · 2026-03-13T01:31:36+00:00

Iran's Supreme Leader announces plans to continue closing the Strait of Hormuz, pushing Brent crude to $100 per barrel. Meanwhile, the International Energy Agency has lowered its oil supply growth forecast. Future oil prices will be affected by Trump's actions and regional conflicts.

MaticHoleFiller

2026-03-13 01:31:36

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Reporter | Zhang Jiayu

Editor | Zeng Jingjiao

On the evening of March 12, after Iran’s Supreme Leader Ayatollah Khamenei announced the continued closure of the Strait of Hormuz, Brent crude oil futures surged, rising 9% to reach $100 per barrel by 21:37 Beijing time. WTI crude oil also increased over 8%, trading at $94.56 per barrel.

In precious metals, gold and silver prices sharply dropped, with spot gold falling as much as $25. As of the time of writing, spot gold is down 0.35%, and spot silver is up 0.6%.

According to CCTV News, on the 12th local time, Iran’s Supreme Leader Ayatollah Khamenei stated that revenge will not be abandoned, and the Strait of Hormuz will remain closed.

According to Cailian News, the International Energy Agency (IEA) significantly lowered its forecast for oil supply growth, expecting global oil demand to increase by 640,000 barrels per day in 2026, down from the previous forecast of 850,000 barrels per day; global oil supply is expected to increase by 1.1 million barrels per day in 2026, down from the previous forecast of 2.4 million barrels per day.

Looking ahead, senior analyst Jerry Chen from Gains Group said that the true factor influencing oil prices depends on whether Trump will back down again (TACO). Only when conflicts end, oil-producing countries restore capacity, and the Strait of Hormuz reopens can the oil market fully stabilize.

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