Crude Oil Price Surges Above USD 100 as Israel-Iran War Disrupts Global Supply
Crude Oil Price surged above USD 100 per barrel for the first time in more than three-and-a-half years on Sunday, March 8, 2026, as the ongoing Iran war disrupted oil production and shipping across West Asia. The sharp rise has raised concerns about global inflation and economic slowdown as energy markets react to escalating geopolitical tensions.
New Delhi, March 9: Crude Oil Price surged above USD 100 per barrel for the first time in more than three-and-a-half years on Sunday, March 8, 2026, as the ongoing Iran war disrupted oil production and shipping across West Asia. The sharp rise has raised concerns about global inflation and economic slowdown as energy markets react to escalating geopolitical tensions.
The price of Brent crude, the international benchmark, climbed to USD 107.97 per barrel after trading resumed on the Chicago Mercantile Exchange, marking a 16.5 percent jump from its Friday closing price of USD 92.69. Meanwhile, West Texas Intermediate crude from the US was trading at about USD 106.22 per barrel, up 16.9 percent from Friday’s close of USD 90.90. US Asks India to Purchase Stranded Russian Oil Cargoes to Stabilise Global Markets amid Iran Conflict, Says Energy Secretary Chris Wright.
Oil prices had already surged last week, with US crude rising by 36 percent and Brent gaining 28 percent, as the war entered its second week and began affecting critical oil routes in the Persian Gulf. Around 15 million barrels of crude oil, nearly 20 percent of global supply, normally pass through the Strait of Hormuz daily. However, fears of Iranian missile and drone attacks have nearly halted tanker movement through the strategic waterway.
The disruption has forced Iraq, Kuwait, and the United Arab Emirates to reduce production as storage tanks fill up due to limited export capacity. At the same time, attacks on oil and gas facilities by Iran, Israel, and the US have further intensified supply concerns. Oil Surges to Its Highest Price Since 2023, and Stocks Drop After Data Shows a Weaker US Job Market.
The last time US crude futures crossed the USD 100 mark was on June 30, 2022, when prices reached USD 105.76, while Brent crude last traded above USD 100 on July 29, 2022, when it touched USD 104.
Rising oil prices have also pushed up fuel costs in the US. The average price of regular gasoline increased to USD 3.45 per gallon on Sunday, about 47 cents higher than a week earlier. Diesel prices climbed to roughly USD 4.6 per gallon, up around 83 cents in the same period.
US Energy Secretary Chris Wright said in an interview with CNN that gasoline prices could drop below USD 3 per gallon soon, adding that the current surge may last only weeks rather than months.
If Crude Oil Price remains above USD 100 per barrel for a prolonged period, analysts warn it could strain the global economy by fueling inflation and reducing consumer spending.
The conflict has also affected natural gas markets. Prices rose to around USD 3.33 per 1,000 cubic feet on Sunday, up 4.6 percent from Friday’s close of USD 3.19 after gaining about 11 percent last week.
Financial markets have already shown signs of stress. US stock index futures declined on Sunday night, indicating a weaker opening on Monday. Futures for the S&P 500 fell 1.6 percent, Dow futures dropped 1.8 percent, and Nasdaq futures declined 1.5 percent as investors reacted to rising energy prices and geopolitical uncertainty.
(The above story first appeared on LatestLY on Mar 09, 2026 07:17 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).