Crude oil prices surge past $115 a barrel as Iran war threatens production and shipping

Brent crude and U.S. West Texas Intermediate crude prices jump amid supply concerns from the Middle East conflict

Published on Mar. 9, 2026

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Oil prices have surpassed $115 per barrel as the war between Iran and other nations intensifies, threatening production and shipping in the Middle East. Brent crude, the global benchmark, rose 24% to $115.31 a barrel, while U.S. West Texas Intermediate crude jumped 28% to $116.33 a barrel. The increases follow last week's 36% rise in U.S. crude and 28% gain in Brent crude, as the war has disrupted critical oil production and transportation routes in the region.

Why it matters

The surge in oil prices has rattled financial markets globally, sparking concerns that higher energy costs will fuel inflation and lead to reduced consumer spending, which is the main driver of the U.S. economy. The conflict has disrupted roughly 20% of the world's daily oil shipments that typically flow through the Strait of Hormuz, a vital chokepoint bordered by Iran.

The details

The war's impact on civilian targets has grown, with Bahrain accusing Iran of striking a desalination plant vital to drinking water supplies, and oil depots in Tehran sustaining damage from Israeli strikes. Iraq, Kuwait and the UAE have cut oil production as storage tanks fill due to the reduced ability to export crude. Iran, Israel and the U.S. have also attacked oil and gas facilities since the war began, exacerbating supply concerns.

  • Oil prices surpassed $115 per barrel on Monday, March 9, 2026.
  • Brent crude rose 24% from its Friday, March 6, 2026 closing price of $92.69.
  • U.S. West Texas Intermediate crude jumped 28% from its Friday, March 6, 2026 close of $90.90.

The players

Brent crude

The international standard for crude oil pricing.

West Texas Intermediate (WTI)

The light, sweet crude oil produced in the United States.

Iran

A country involved in the ongoing war that is threatening oil production and shipping in the Middle East.

Israel

A country that has attacked oil and gas facilities since the war started.

United States

A country that has also attacked oil and gas facilities since the war began.

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What they’re saying

“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.”

— Chris Wright, Energy Secretary (CNN's 'State of the Union')

“The war's impact on the oil industry would spiral.”

— Mohammad Bagher Qalibaf, Speaker of Iran's parliament (N/A)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This surge in oil prices has rattled global financial markets and raised concerns about the potential impact on inflation and consumer spending, underscoring the significant disruption the ongoing conflict in the Middle East is having on the world's energy supply and the broader economy.