On the evening of March 12, following a statement by Iran's Supreme Leader Mojtaba Khamenei that the Strait of Hormuz would remain closed, Brent crude futures extended their gains. By 21:37 Beijing time, prices had risen by 9%, reaching $100 per barrel. WTI crude oil also climbed more than 8%, trading at $94.56 per barrel.

In the precious metals market, gold and silver saw a sharp short-term decline. Spot gold fell by as much as $25 at one point, and was down 0.35% at the time of writing. Spot silver, however, advanced by 0.6%.

According to a CCTV news report, on the 12th local time, Iran's Supreme Leader Mojtaba Khamenei stated that Iran would not abandon its pursuit of revenge and that the Strait of Hormuz would continue to be closed.

A report from Cailianshe indicated that the International Energy Agency (IEA) has significantly lowered its forecast for oil supply growth. The global oil demand growth expectation for 2026 has been revised down to 640,000 barrels per day from a previous estimate of 850,000 barrels per day. Meanwhile, global oil supply in 2026 is projected to increase by 1.1 million barrels per day, down from an earlier forecast of 2.4 million barrels per day.

Looking ahead, Jerry Chen, a senior analyst at Gain Capital, noted that the true determinant of oil price prospects will depend on whether there is a de-escalation of tensions. Only with an end to the conflict, a restoration of production capacity among oil-producing nations, and the reopening of the Strait of Hormuz can the crude oil market return to complete stability.