Oil prices top $100 per barrel for first time since 2022 on Iran war fears

2026-03-09 - 08:02

Oil prices have breached the $100-per-barrel threshold for the first time since 2022, driven by growing concerns over disruptions to global energy supplies and escalating tensions in the Middle East due to the US-Israeli war with Iran. Brent crude futures surged above $100 per barrel, while US West Texas Intermediate (WTI) crude blew past the same mark, reflecting mounting anxiety about energy infrastructure vulnerability. Middle East conflict drives surge The latest price spike comes amid escalating military confrontations in the Middle East, particularly the ongoing US-Israeli attacks on Iran now in their second week, which have killed more than 1,000 people including Supreme Leader Ayatollah Ali Khamenei. Iranian retaliatory strikes have targeted energy facilities and US interests across Gulf countries, raising fears of broader supply disruptions in one of the world's most critical energy-producing regions. Strait of Hormuz concerns Energy market analysts point to concerns about potential disruptions to oil supplies from the Arabian Gulf as a key factor pushing prices higher. The Strait of Hormuz, through which roughly 15 million barrels of crude—approximately 20% of the world's oil—typically pass daily, faces particular risk. Iran has previously threatened to close the strategic waterway, and ongoing hostilities have already disrupted shipping and triggered defensive deployments by naval forces. Market volatility ahead With the conflict showing no signs of de-escalation and US President Donald Trump suggesting operations could continue for weeks, oil markets face sustained volatility. The $100 per barrel threshold represents both a psychological barrier and a potential inflection point for global inflation, with higher energy costs likely to ripple through economies already grappling with economic uncertainty.