Crude Oil Prices Surpass $100 a Barrel

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Oil prices have exceeded $100 per barrel for the first time in over three and a half years as the ongoing war in Iran disrupts production and shipping in the Middle East. Brent crude reached $101.19 per barrel, while West Texas Intermediate hit $107.06 per barrel, representing increases of 9.2% and 16.2% respectively from the previous week's settlement prices.

Why it matters

The surge in oil prices has rattled financial markets and raised concerns about the impact on inflation and consumer spending, which is the main driver of the U.S. economy. Higher energy costs could prove too much for the global economy to withstand if oil prices remain above $100 per barrel.

The details

The price increases follow a 36% jump in U.S. crude prices and a 28% rise in Brent crude prices last week. The war in Iran has disrupted the production and movement of oil and gas from the Persian Gulf, with roughly 15 million barrels of crude oil - about 20% of the world's oil - typically shipped daily through the Strait of Hormuz. The threat of Iranian missile and drone attacks has nearly stopped tanker traffic through the strait, leading to production cuts by major oil-producing countries.

• Oil prices last exceeded $100 per barrel on June 30, 2022 for U.S. crude and July 29, 2022 for Brent crude.
• The current surge in oil prices began after the war in Iran started on March 1, 2026.

What they’re saying

What’s next

If oil prices remain above $100 per barrel, analysts and investors warn it could be too much for the global economy to withstand, potentially leading to further economic disruption.