Energy Markets Rattle As Iran War Sends Oil Prices Soaring Above $100

Global oil prices surged past $100 per barrel as the war involving Iran intensified and raised fears about disruptions to global energy supply, according to CNN. Brent crude briefly approached $120 before settling near $104, while U.S. benchmark West Texas Intermediate climbed above $101.

President Donald Trump defended the temporary price spike, calling it a “very small price to pay” for eliminating Iran’s nuclear threat and securing global safety, he wrote on Truth Social.

BREAKING: Crude oil prices spike above $115 a barrel as Iran war impedes production, shipping

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— Al Jazeera Breaking News (@AJENews) March 9, 2026

Energy markets are reacting to rising geopolitical risks across the Middle East. Iran has warned it could target tankers moving through the Strait of Hormuz, a key passage that carries about 20 percent of the world’s oil supply.

Analysts say the situation could worsen if shipping through the strait remains disrupted. Kpler analyst Homayoun Falakshahi said oil prices could reach $150 per barrel by the end of March if traffic does not resume.

Gasoline prices in the United States have already climbed to about $3.45 per gallon, according to AAA.

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tippinsightsTIPP Staff