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Live updates: Oil price soars past $100 as Iranian attacks impact shipping

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Published  March 12, 2026 8:15am EDT
World
FOX Local

The Brief 

    • A key oil price has exceeded $100 on the 13th day of the Iran war.
    • The Pentagon says the first week of the war with Iran cost the U.S. more than $11 billion.
    • So far, more than 100 U.S. service members have been injured in the Iran war.

The price of Brent crude oil, the international standard, surged past $100 as Iranian strikes hit ships in the region's waters amid the United States-Israeli war with Iran.  U.S. airstrikes in Iran are now in its 13th day.

According to the Associated Press, developments on Thursday involved Iranian attacks against commercial ships near the Strait of Hormuz and Iraq's port of Basra. 

Reuters reported that the Israeli military said on Thursday it had targeted a site used in the Iranian nuclear program which is identified as "Taleghan," which is a facility that Western officials believe is possibly connected to Tehran's nuclear program.

RELATED: US to release millions of barrels of oil to ease prices amid Iran conflict

A man stands on the rubble of a destroyed building as firefighters work at the site of overnight Israeli airstrikes in the Haret Hreik neighborhood of Beirut's southern suburbs on March 12, 2026. (Photo by AFP via Getty Images)

The first week of Iran war cost U.S. over $11 billion, Pentagon says 

Citing the Pentagon, the Associated Press reported that the first week of war with Iran cost the United States $11.3 billion. 

The Pentagon provided the estimate to Congress in a briefing earlier this week, said a person familiar with the situation who spoke to the AP on a condition of anonymity to discuss the private meeting.

Pentagon says about 140 troops injured in Iran

Dig deeper:

The Pentagon said about 140 U.S. service members have been wounded in the conflict with Iran.

According to the Associated Press, the numbers are the first indication of the toll of injuries sustained by U.S. troops after retaliatory rocket and drone strikes from Iran that also killed seven soldiers in Kuwait and Saudi Arabia.

RELATED: About 140 US troops injured in Iran so far, officials say

Pentagon spokesman Sean Parnell said in an emailed statement to the Associated Press that "the vast majority of these injuries have been minor, and 108 service members have already returned to duty." Eight U.S. service members are currently "severely injured," Parnell added.

Defense Secretary Pete Hegseth said Tuesday during a news briefing that today will be the most intense day yet of U.S. strikes inside Iran. 

The Source: Information for this story was provided by the Associated Press and Reuters. This story was reported from Washington, D.C. 

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