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Cushing Today
By the People, for the People
Brent and WTI Crude Prices Surge as Middle East Conflict Roils Markets
Oil benchmarks trade at parity as global supply risks lift prices across the board
Published on Mar. 9, 2026
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Oil prices spiked above $119 per barrel on Sunday evening as the conflict in the Middle East escalated, with Brent crude (BZ=F) and US benchmark West Texas Intermediate (WTI) crude (CL=F) briefly trading at the same price point. The surge in oil prices has sparked fears of a more severe economic impact, sending global stock markets tumbling.
Why it matters
The parity between Brent and WTI, which typically trade with a $3 to $7 discount for WTI, signals that global supply risks are overwhelming the normal logistics premium embedded in Brent. This indicates the global oil market is under immense stress, with buyers looking to WTI as a backfill while Brent remains unavailable due to the conflict in the Persian Gulf.
The details
Overnight, both WTI and Brent crude briefly surged to within a hair of $120 a barrel, the highest level since mid-2022. They have since pulled back to around $100 per barrel, but are still on pace for huge monthly gains. The spike in oil prices has been driven by supply disruptions, with Iran, Bahrain, Qatar, and Saudi Arabia all reporting production cuts or refinery outages. The G7 nations met on Monday but decided not to yet tap into their strategic petroleum reserves to try to stabilize the market.
- On Sunday evening, WTI and Brent crude prices spiked above $119 per barrel.
- Over the weekend, Tehran was engulfed in black smoke and oil-infused rain following airstrikes on fuel depots.
- Bahrain's Bapco Energies refinery and Qatar's Ras Laffan LNG complex have declared force majeure.
- Saudi Arabia's Ras Tanura refinery has been taken offline.
- Iraq, Kuwait, the UAE, and Saudi Arabia have all announced production cuts.
The players
Brent Crude
The international pricing benchmark for crude oil, representing the global seaborne crude market.
West Texas Intermediate (WTI) Crude
The US benchmark for crude oil, priced at storage hubs in Cushing, Oklahoma and more closely tied to the North American pipeline system.
G7 Nations
The group of seven major advanced economies, including the US, UK, Canada, France, Germany, Italy, and Japan.
Iran
A major oil-producing country in the Middle East that has been the target of airstrikes amid the ongoing conflict.
Bahrain, Qatar, Saudi Arabia
Oil-producing countries in the Middle East that have reported production cuts or refinery outages due to the conflict.
The takeaway
The parity between Brent and WTI crude prices, a highly unusual market dynamic, underscores the severe stress the global oil market is under due to the escalating conflict in the Middle East. This has sparked fears of a more severe economic impact, with stock markets tumbling worldwide as investors grapple with the prospect of higher energy costs and potential recession risks.
