Oil tops $100 a barrel as Iran war disrupts Gulf shipments
Mar 8th 2026
Brent and U.S. crude climbed above $100 as fighting and strikes tied to the Iran war slow exports through the Strait of Hormuz and prompt production cuts, driving up fuel costs.
- Brent traded near $101.19 per barrel and U.S. West Texas Intermediate around $107.06 after big jumps from Friday, with WTI up about 16.2% and Brent up about 9.2% from the prior settlement.
- Roughly 15 million barrels per day, about 20% of global oil, normally move through the Strait of Hormuz and tanker traffic has largely stopped because of missile and drone threats.
- Iraq, Kuwait and the United Arab Emirates have cut production as storage tanks fill and exports decline.
- Recent attacks have hit oil depots, tankers and terminals, adding to supply concerns.
- U.S. gasoline rose to about $3.45 per gallon and diesel to about $4.60 per gallon, while natural gas traded near $3.19 per 1,000 cubic feet.
- Iran exports roughly 1.6 million barrels per day mainly to China, and further disruptions could push prices higher and increase inflation risks