By David Uberti

U.S. oil prices climbed back above $100 a barrel on Sunday, after the Pentagon in recent days began moving additional warships and Marines toward Iran.

Benchmark U.S. crude futures recently traded around $101 a barrel. They gained nearly 9% last week in one of the wildest periods of trading in the modern era.

The Trump administration in the coming days plans to announce a coalition that will escort ships through the Strait of Hormuz, The Wall Street Journal reported Sunday, but it is unclear when the operations to reopen the crucial energy chokepoint to traffic would begin.

American forces in recent days struck military targets on Kharg Island, home to Iran's key oil-export terminal, but didn't damage its energy facilities. The deployment of Marines to the region could give Trump the option to seize the island by force.

U.S. stock futures edged lower in Sunday evening trading.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 15, 2026 18:13 ET (22:13 GMT)