Oil Hits $100 Per Barrel for First Time Since 2022

Ongoing U.S. war with Iran continues to drive up global energy prices.

Published on Mar. 8, 2026

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Oil prices have surged past $100 per barrel for the first time since July 2022 as the ripple effects from the ongoing U.S. war with Iran continue to impact global energy markets. In addition to the rise in oil prices, U.S. stock futures have declined sharply and retail gas prices have soared to a national average of over $3.45 per gallon.

Why it matters

The escalating conflict between the U.S. and Iran is disrupting global oil production and supply, leading to significant price increases that are being felt by consumers at the gas pump. This could have broader economic implications as higher energy costs filter through the rest of the economy.

The details

Oil prices rose again after a record 35% jump last week, with Kuwait's state oil company trimming output and the UAE hinting at possible production cuts. The Strait of Hormuz, a critical oil shipping chokepoint, remains largely impassable for tankers trying to reach global markets. Analysts now predict an 80% chance the national average gas price in the U.S. will reach $4 per gallon in the next month.

  • Oil hit $100 per barrel on March 8, 2026.
  • The U.S. war with Iran has been ongoing since at least July 2022.

The players

Marco Rubio

U.S. Secretary of State who urged American citizens in the Middle East to leave immediately as the conflict with Iran intensifies.

Patrick De Haan

GasBuddy analyst who predicted an 80% chance of the national average gas price in the U.S. reaching $4 per gallon in the next month.

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What they’re saying

“I now estimate the chance of the national average reaching $4/gal in the next month is now 80%.”

— Patrick De Haan, GasBuddy analyst (X)

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 and gas prices highlights the significant economic impact of the ongoing U.S. conflict with Iran, underscoring the need for policymakers to find a diplomatic solution to de-escalate tensions and stabilize global energy markets.