Hormuz Closure Drives Brent Above $100/Barrel as Trump Delays Strikes for Talks

Iran closed the Strait of Hormuz on March 4, blocking 20 million barrels of oil per day or 27% of 2024 global maritime petroleum trade. Brent crude closed above $100/barrel on March 12 - the first since August 2022 - with a record 64% monthly gain per LSEG data. President Trump postponed strikes on Iranian energy infrastructure for five days on March 21 pending talks, as the IEA labels this the largest oil market disruption in history.