Oil Prices Spike Above $120 in 2026 Amid Strait of Hormuz Tensions Oil Prices Spike Above $120 in 2026 Amid Strait of Hormuz Tensions In March 2026, escalating geopolitical tensions in the Strait of Hormuz have pushed global crude oil prices above $120 per barrel for the first time since 2022. Shipping lanes vital for 20 percent of the world's oil supply face renewed disruption after fresh...