Energy analysts are warning that global oil prices could climb even higher as the Middle East conflict disrupts supply routes and production across the region, according to CNBC. Oil markets surged Monday after new U.S. and Israeli strikes hit targets in Iran, including oil depots.
Brent crude briefly approached $120 per barrel before easing to around $104, while U.S. West Texas Intermediate traded near $101. Analysts say the sharp jump reflects growing fears that shipping through the Strait of Hormuz may remain blocked.
Peter McGuire, CEO of https://t.co/d30CHqdwi9 Australia, says the speed and volatility of the oil surge are “dramatic”. With Hormuz shipping disrupted and fears of wider Gulf shutdowns, he warns that if force majeure spreads, a spike to $140–$150 a barrel is “very achievable.” pic.twitter.com/y7XG7If3WX
— Al Jazeera English (@AJEnglish) March 9, 2026
Roughly 20 percent of global oil and gas supply normally moves through the strategic waterway. Shipping traffic has largely halted since the conflict escalated.
Neil Atkinson, former head of oil markets at the International Energy Agency, warned the situation could trigger an unprecedented energy crisis if disruptions continue, CNBC reported.
Iraq and Kuwait have already begun reducing output, while analysts say the United Arab Emirates and Saudi Arabia could face similar pressures. G7 finance ministers are now considering coordinated emergency oil reserve releases.
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