Oil tops $100 a barrel as Iran conflict fuels supply fears
Mar 8th 2026
Brent crude surpassed $100 a barrel after strikes on Iran raised fears of longer term disruptions to Middle Eastern oil supplies, driving sharp gains in oil futures and notable drops in US stock futures.
- Brent crude jumped about 12.6% to $104 per barrel as of 6:06 p.m. ET, pushing global prices above $100 for the first time since 2022.
- US crude futures rose 14.7% on Sunday amid investor concerns about disrupted Middle East oil flows.
- US stock futures fell sharply with the Dow down about 2% and S&P 500 and Nasdaq futures off roughly 1.7% each.
- US average gasoline price reached $3.45 a gallon, a 16% increase from the prior week, according to AAA.
- The Trump administration said the US and allied strikes on Iran would have only short term effects on oil and gas prices.