Crude oil crossed $100 a barrel for the first time since Russia’s 2022 invasion of Ukraine, with Brent touching an intraday high of $119.50 and gasoline prices jumping toward $4 a gallon as the war in Iran enters its eighth day with no end in sight.
Oil prices surged past $100 a barrel on Sunday, March 8, 2026, as energy markets opened to the reality of an active, escalating war between the United States, Israel, and Iran — one that has effectively shut down tanker traffic through the Strait of Hormuz and suspended roughly a fifth of the world’s daily crude supply.
Brent crude, the international standard, was trading at $107.97 after markets reopened on the Chicago Mercantile Exchange, up 16.5 percent from its Friday closing price of $92.69. West Texas Intermediate was selling for about $106.22 a barrel — 16.9 percent higher than its close of $90.90 on Friday. KPI Infotech Those were opening figures. Brent touched a session peak of $119.50, with WTI futures reaching $113.30 and Brent at $114.38 Smartprix as the trading day continued and the market absorbed fresh news from the region.
It is the first time oil prices have reached $100 since 2022, when the dislocation from Russia’s invasion of Ukraine occurred alongside a post-COVID demand surge. Startup News The draft framing of this as a “pandemic-era” comparison is incorrect — the 2022 Ukraine war is the accurate reference point.
What Triggered the Oil Prices Surge
The U.S. and Israel launched strikes on Iran on March 1, 2026. The conflict is now in its eighth day, and global oil prices have surged by more than 25 percent since it began. 91Mobiles The strikes have done more than rattle markets — they have physically disrupted the energy infrastructure that keeps global supply moving.
Iran has targeted ships in the Strait of Hormuz, the narrow channel between Iran and Oman through which roughly 20 percent of the world’s oil supply travels daily. The conflict has already led to the suspension of about a fifth of global crude and natural gas supply. 91Mobiles Iran has not had to implement a full naval blockade of the strait to achieve an effective halt in ship traffic. Android Central The threat alone has been enough.
Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait have had to suspend shipments of as much as 140 million barrels of oil — roughly 1.4 days of global demand — to global refiners. 91Mobiles Saudi Aramco’s Ras Tanura refinery and crude export terminal, one of the world’s most important energy facilities, has closed following attacks, with no timeline given for reopening.
The damage extends beyond crude. Qatar declared force majeure on its gas exports on Wednesday after Iranian drone attacks. Qatar supplies 20 percent of global liquefied natural gas, and sources told Reuters it may take at least a month to return to normal production levels. 91Mobiles
At the Pump: What the Oil Prices Spike Means for Consumers
The effect on gasoline prices has been immediate and severe. The average U.S. gasoline price has already jumped about 50 cents in a week, from just under $2.98 to $3.45, according to AAA. Patrick de Haan, the petroleum analyst for GasBuddy, says gasoline is likely to hit a $4 national average this week. The Shortcut
Diesel is selling for about $4.60 a gallon — a weekly increase of approximately 83 cents. 91Mobiles For trucking companies, airlines, and any business that moves goods, that kind of weekly move translates directly into operating costs within days.
Goldman Sachs warned that oil prices could climb above $100 per barrel if shipping disruptions continue 91Mobiles — a forecast that materialized over the weekend. The bank’s analysts now face the harder question of how far prices go from here.
Energy Secretary Chris Wright, speaking on CNN’s “State of the Union,” said U.S. gas prices would be back under $3 a gallon “before too long.” He added: “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.” 91Mobiles Those comments have done little to calm market anxiety.
Trump, the SPR, and the Government Response
President Trump has been direct about his position on the oil price surge. He posted on Truth Social Sunday: “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Android Central
Over the weekend, Trump also downplayed the possibility of releasing oil from the Strategic Petroleum Reserve to ease price pressure. Gadget Hacks The administration has taken other steps. The U.S. International Development Finance Corporation is offering political risk insurance and guarantees, though the usefulness to the shipping industry remains unclear. Trump has floated potential naval escorts, and on Thursday the Treasury Department issued a 30-day sanctions waiver to enable Indian refiners Startup News to continue purchasing oil despite the conflict.
The administration announced a plan to supply insurance to oil tankers passing through the strait, after maritime insurers said they would not cover ships in the region if attacked. Android Central Shipping companies have said they remain hesitant to traverse the region while the conflict continues.
G7 finance ministers will discuss a possible joint release of oil from reserves on Monday, with any action expected to be coordinated with the International Energy Agency. Smartprix That conversation will be closely watched — a coordinated reserve release from major economies has historically offered short-term price relief, but its effect in a shooting war with active infrastructure damage is less certain.
What the Oil Markets Face Next
OPEC+ met over the weekend and agreed on a production increase larger than expected — in a normal market, that would be expected to push prices down. But energy analyst Helima Croft of RBC wrote in a research note that the question of OPEC production boosts could be “an entirely moot point,” because of the lack of a sea passage to get large portions of that oil to market. Android Central With the Strait of Hormuz effectively closed, extra barrels sitting in Saudi Arabia and Iraq have nowhere to go.
Wall Street has started to price in a prolonged conflict, as hopes for a swift endgame have been crushed. With no signs of de-escalation, both sides are instead upping the ante, expanding targets to critical infrastructure and risking greater retaliation in the process. Gadget Hacks Dow futures were down 1,000 points as equity markets absorbed the weekend’s developments.
The conflict could end quickly, but the recovery in energy supply would not be instant. “It could take days or weeks or months, depending on the types of fields, age of the field, the type of shut-in that they’ve had to do before you can get production back up to what it once was,” one energy analyst noted. 91Mobiles
Three scenarios frame what comes next. If diplomatic contact produces a ceasefire within days, oil prices could retreat toward the $85–$90 range as shipping resumes. If the conflict continues at its current intensity for weeks, prices above $100 are likely to hold. If Iran expands its attacks on Gulf energy infrastructure — the Ras Tanura closure suggests that is already happening — some analysts have said fundamentals are stronger and risks are bigger than they were during the Russia-Ukraine conflict, when prices reached similar levels. Startup News
FAQ
Q1: Why did oil prices surge above $100 per barrel in March 2026? The U.S. and Israel launched strikes on Iran on March 1, 2026. The resulting war has effectively shut down tanker traffic through the Strait of Hormuz, suspended roughly a fifth of global crude and natural gas supply, forced the closure of Saudi Aramco’s Ras Tanura facility, and triggered a force majeure declaration from Qatar on its LNG exports.
Q2: What are current Brent crude and WTI oil prices? As of March 8, 2026, Brent crude opened at $107.97 per barrel — up 16.5% from Friday — and reached an intraday high of $119.50. WTI opened at $106.22 and futures touched $113.30. Both figures were in active trading and subject to further movement.
Q3: How are oil prices affecting U.S. gasoline prices? The national average for regular gasoline rose from just under $2.98 to $3.45 per gallon in one week, according to AAA. Diesel jumped approximately 83 cents to $4.60 per gallon. GasBuddy analyst Patrick de Haan expects a $4 national gasoline average within days.
Q4: What is the U.S. government doing about oil prices? The Trump administration has offered political risk insurance for tankers, floated the possibility of naval escorts, and issued a 30-day sanctions waiver for Indian refiners. G7 finance ministers are set to discuss a coordinated reserve release on Monday in coordination with the International Energy Agency. President Trump has publicly downplayed the idea of tapping the Strategic Petroleum Reserve.
Q5: Could oil prices go higher than $120? Yes. Brent crude already touched an intraday high of $119.50 on March 8. Analysts warn that a prolonged conflict or expanded attacks on Gulf energy infrastructure — including additional strikes on the Ras Tanura complex or further disruption of Qatar’s LNG terminals — could push prices toward $120 to $150 per barrel.
