# Oil prices teeter above 100 dollars as US temporarily loosens Russian sanctions

By Matt Britzman — 2026-03-13

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: “It was a tough session for US markets last night, with the S&P 500 falling 1.5 per cent, and futures pointing to more weakness heading into this afternoon’s open.

“Investors are starting to question the assumption that the conflict in Iran will be a short-lived disruption, as increasingly heated rhetoric heightens the risk of sustained pressure on energy prices.

“Growth stocks were among the hardest hit, lagging value by around half a percentage point as markets leaned more defensively.

“Interestingly, software names have quietly become a bit of a hiding place for investors, climbing 6.5 per cent so far in March after taking a bruising in recent months.

“Energy markets are looking relatively calm this morning, but with oil prices still hovering around the $100 mark and weekly gains of roughly eight per cent, there’s been little real let up.

“Traders are continuing to weigh the fallout from the conflict with Iran, with no signs of de-escalation and production disruptions keeping supply concerns front of mind.

“With the Strait of Hormuz essentially closed, any measures to relieve price pressure are likely to be little more than a temporary stopgap.”

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