India, March 12 -- Global oil prices have surged past $100 a barrel due to escalating Gulf conflicts disrupting supply chains

This is despite IEA's historic release of 400 million barrels from strategic reserves.

India is boosting domestic production and expanding crude sourcing to stabilise LPG supply.

Global oil prices surged past $100 a barrel on March 12, 2026 as escalating attacks on shipping and energy infrastructure in the Gulf offset a historic emergency oil release by the International Energy Agency (IEA), while the Indian government moved to stabilise domestic fuel supplies by boosting LPG production and widening crude sourcing.

Benchmark Brent crude was trading around $100.5 per barrel, up nearly 9-10 per cent on the day, w...