Crude oil prices surpass $100 a barrel as the Iran war impedes production and shipping

Supply concerns have driven crude and gasoline higher as the war ensnares major oil-producing countries and hinders exports from the Persian Gulf.

Published on Mar. 9, 2026

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Crude oil prices have surpassed $100 per barrel for the first time in more than three and a half years as the ongoing war in Iran 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, up 16.5% from its Friday closing price. West Texas Intermediate, the U.S. light crude, was selling for about $106.22 a barrel, 16.9% higher than it closed on Friday. The increases follow a 36% jump in U.S. crude price and a 28% rise in Brent crude last week as the war has ensnared countries critical to oil and gas production and movement from the Persian Gulf.

Why it matters

The global surge in oil prices since the start of the Iran war 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. If oil prices stay above $100 per barrel, some analysts and investors say it could be too much for the global economy to withstand.

The details

Roughly 15 million barrels of crude oil - about 20% of the world's oil - typically are shipped every day through the Strait of Hormuz, which is bordered in the north by Iran. The threat of Iranian missile and drone attacks has all but stopped tankers from traveling through the strait, leading Iraq, Kuwait and the UAE to 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.

  • On March 1, Israel and the U.S. attacked Iran, sparking the ongoing war.
  • On June 30, 2022, U.S. crude futures last traded above $100 per barrel, reaching $105.76.
  • On July 29, 2022, Brent crude last hit $104 per barrel.

The players

Brent crude

The international standard for crude oil pricing.

West Texas Intermediate

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

Iran

A major oil-producing country that has been involved in the ongoing war, leading to disruptions in production and shipping.

Israel

A country that has attacked oil and gas facilities in Iran since the start of the war.

United States

A country that has also attacked oil and gas facilities in Iran since the start of the war.

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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 (abc7.com)

What’s next

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The takeaway

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