Oil Exceeds $119 a Barrel Amid Ongoing Strikes Against Gulf States, Hormuz Blockade

Treasury Secretary Scott Bessent said on March 19 that President Donald Trump was considering another oil release from the Strategic Petroleum Reserve.

A maze of crude oil pipe and equipment is seen with the American and Texas flags flying in the background during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, on June 9, 2016. Richard Carson/Reuters

Brent oil prices exceeded $119 a barrel on March 19 after Iran had attacked energy facilities in the Persian Gulf states and amid the ongoing blockade of the Strait of Hormuz.

Brent had hit a high of $119.13, but had fallen back down to $112.04, as of 8:17 a.m., according to Business Insider’s markets tracker.