Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 12, 2026. Oil prices soared Thursday, briefly trading above $100, and stock markets extended losses as fresh attacks against Gulf energy targets offset the release of crude reserves by major economies. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 12, 2026. Oil prices soared Thursday, briefly trading above $100, and stock markets extended losses as fresh attacks against Gulf energy targets offset the release of crude reserves by major economies. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 12, 2026. Oil prices soared Thursday, briefly trading above $100, and stock markets extended losses as fresh attacks against Gulf energy targets offset the release of crude reserves by major economies. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 12, 2026. Oil prices soared Thursday, briefly trading above $100, and stock markets extended losses as fresh attacks against Gulf energy targets offset the release of crude reserves by major economies. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 12, 2026. Oil prices soared Thursday, briefly trading above $100, and stock markets extended losses as fresh attacks against Gulf energy targets offset the release of crude reserves by major economies. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 12, 2026. Oil prices soared Thursday, briefly trading above $100, and stock markets extended losses as fresh attacks against Gulf energy targets offset the release of crude reserves by major economies. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

Traders works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on March 12, 2026. Oil prices soared Thursday, briefly trading above $100, and stock markets extended losses as fresh attacks against Gulf energy targets offset the release of crude reserves by major economies. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)

A general view of a fuel station in Mogadishu on March 12, 2026. Petrol prices have doubled in Mogadishu from around $0.60 to $1.25 since the United States and Israel launched air strikes on Iran on February 28. Like many oil-importing countries, Somalia is feeling the effects of surging global oil prices as Iran's retaliatory strikes have targeted its Gulf neighbours and shipping through the vital Strait of Hormuz. (Photo by Hassan Ali ELMI / AFP via Getty Images)