Oil surges past $100 as Iran war shakes global energy markets

Global oil prices climbed above $100 a barrel on March 9 as the widening war involving Iran, the United States, and Israel triggered fresh supply fears across energy markets. Al Jazeera reported that U.S. West Texas Intermediate crude futures jumped more than 20% to $111.24 a barrel, while Brent crude rose to $111.04, marking the first return to triple-digit oil prices since 2022. The price surge reflects more than headline risk. It follows a week of escalating disruption across the Gulf, where attacks, shipping paralysis, and storage constraints have already forced producers and exporters to adjust operations. Reuters reported earlier that Brent had settled at $92.69 a barrel on March 6 and that the market was already pricing in a severe supply shock linked to the conflict. Strait of Hormuz disruption is driving the market At the center of the sell-off in supply confidence is the Strait of Hormuz , one of the world’s most important oil chokepoints. The U.S. Energy Information Administration says the strait carried more than one-fifth of global petroleum liquids consumption and over one-quarter of global seaborne oil trade in early 2025. Al Jazeera reported that tankers had piled up on both sides of the waterway as insurers and shipowners reacted to attacks and the threat of further escalation. Reuters also reported that ship owners, major oil companies, and trading houses had suspended crude oil, fuel, and liquefied natural gas shipments through the strait, helping keep prices elevated. Gulf production cuts are tightening the squeeze The jump above $100 also comes as major Gulf producers curb output or manage flows more cautiously. Reuters reported that Iraq’s oil production had fallen sharply because blocked exports and limited storage left the country unable to maintain normal operations. Reuters also reported that ADNOC was managing offshore output while keeping onshore operations running, and that Saudi Aramco had begun reducing output at two oilfields amid the