Oil Back at $100 per Barrel as Iran Attacks Continue; China, EU May Face New Tariffs Amid Probes

Oil prices jumped back toward the $100-per-barrel mark on March 12 despite a coordinated release of strategic reserves by the United States and its allies, as Iranian attacks on oil and transport infrastructure across the Middle East intensified fears of supply disruptions through the Strait of Hormuz and a prolonged regional conflict.

The Trump administration has launched new trade investigations under the Trade Act. Trade Representative Jamieson Greer said the probes will examine excess industrial capacity in 16 major trading partners.

The countries include China, the European Union, India, Japan, South Korea, and Mexico. The investigations will determine whether foreign policies and practices are unfairly displacing U.S. manufacturing and restricting commerce.

A second investigation will focus on imports produced with forced labor, targeting roughly 60 countries. These inquiries could lead to new tariffs or import restrictions.