Crude Oil Prices Surpass USD 100 Barrel As Iran War Impedes Production and Shipping in Middle East

CHICAGO (ALEX VEIGA), March 9: Oil prices eclipsed USD 100 per barrel for the first time in more than three and a half years Sunday as the Iran war hinders production and shipping in the Middle East. The price for a barrel of Brent crude, the international standard, was at $107.97 after trading resumed on the Chicago Mercantile Exchange, up 16.5% from its Friday closing price of USD 92.69. West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about USD 106.22 a barrel. That’s 16.9% higher than it closed Friday at USD 90.90. Both could rise or fall as market trading continued.

The increases followed the U.S. crude price jumping by 36% and Brent crude rising by 28% last week. Oil prices have surged as the war, now in its second week, ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf. Crude Oil Price Surges Above USD 100 as Israel-Iran War Disrupts Global Supply.

Roughly 15 million barrels of crude oil — about 20% of the world’s oil — typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy. The threat of Iranian missile and drone attacks has all but stopped tankers from traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.

Iraq, Kuwait and the UAE have cut their oil production as storage tanks fill due to the reduced ability to export crude. Iran, Israel and the United States also have attacked oil and gas facilities since the war started, exacerbating supply concerns. US Asks India to Purchase Stranded Russian Oil Cargoes to Stabilise Global Markets amid Iran Conflict, Says Energy Secretary Chris Wright.

The last time U.S. crude futures traded above USD 100 per barrel was June 30, 2022, when the price reached USD 105.76. For Brent, it was July 29, 2022, when the price hit USD 104 per barrel.

The global surge in oil prices since Israel and the U.S. attacked Iran on March 1 has rattled financial markets, sparking worries that higher energy costs will fuel inflation and lead to less spending by U.S. consumers, the main engine of the economy.

In the U.S., a gallon of regular gasoline rose to USD 3.45 on Sunday, about 47 cents more than a week earlier, according to AAA motor club. Diesel was selling for about USD 4.60 a gallon, a weekly increase of about 83 cents. Energy Secretary Chris Wright, speaking on CNN’s “State of the Union,” said U.S. gas prices would be back under USD 3 a gallon “before too long.”

“Look, you never know exactly the time frame of this, but, in the worst case, this is a weeks, this is not a months thing,” Wright added. If oil prices stay above $100 per barrel, some analysts and investors say it could be too much for the global economy to withstand.

Iranian authorities said strikes by Israel on oil depots in Tehran and a petroleum transfer terminal early Sunday killed four people. Israel’s military said the depots were being used by Iran’s military for fuel to launch missiles. Mohammad Bagher Qalibaf, the speaker of Iran’s parliament, warned that the war’s impact on the oil industry would spiral.

Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran’s exports are disrupted, another factor that could increase energy prices.

The price of natural gas also has climbed during the war, though not by as much as oil. It was selling for about $3.33 per 1,000 cubic feet late Sunday. That’s 4.6% higher than its Friday closing price of $3.19, after rising about 11% last week.

U.S. stock index futures, a bellwether for the market, fell late Sunday, pointing to Wall Street's main indexes opening down on Monday. The future for the S&P 500 was down 1.6%, while the Dow’s fell 1.8%. The future for the Nasdaq composite was down 1.5%. On Friday, the S&P 500 dropped 1.3% and the Dow plunged as many as 945 points before finishing with a loss of roughly 450, and the Nasdaq sank 1.6%.

(The above story first appeared on LatestLY on Mar 09, 2026 07:59 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).