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)

A South African Airlink Embraer E175STD aircraft is parked on the tarmac at OR Tambo International Airport in Ekurhuleni on March 12, 2026. Africa is feeling the impact of rising oil prices and threats to shipping, as the continent again suffers from events largely beyond its control. Pump prices in Nigeria were up around 14 percent this week. (Photo by Phill Magakoe / AFP via Getty Images)

Airport ground staff attend the South African FlySafair low-cost airline Boeing 737-85P aircraft, while it is parked on the tarmac at OR Tambo International Airport in Ekurhuleni on March 12, 2026. Africa is feeling the impact of rising oil prices and threats to shipping, as the continent again suffers from events largely beyond its control. Pump prices in Nigeria were up around 14 percent this week. (Photo by Phill Magakoe / AFP via Getty Images)

A tuk-tuk driver refuels his vehicle at 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)

A general view of a tuk-tuk at 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)