The Digester

Oil tops $100 a barrel for first time since 2022 as Middle East war widens

Mar 9th 2026

Global oil surged past $100 per barrel on March 8 after the conflict in the Middle East expanded following a U.S.-Israeli strike on Iran and Iran closed the Strait of Hormuz, pushing Brent near $108 and U.S. crude briefly to $110.

  • Global oil prices rose above $100 per barrel on March 8, the first time since Russia's 2022 invasion of Ukraine.
  • Brent futures climbed about 16% to near $108 per barrel and U.S. crude rose about 18%, briefly reaching $110.
  • The spike followed escalations after a U.S.-Israeli strike on Iran on Feb. 28 and Iran's closure of the Strait of Hormuz, a route for roughly 20% of global oil.
  • Israeli strikes have targeted Iranian oil facilities and other refineries across the region have been hit, adding to supply fears.
  • Higher prices could benefit Russia, and the U.S. has already issued a temporary waiver allowing India to buy Russian oil as markets adjust.
  • A $60 per barrel price cap on seaborne Russian crude remains in place from the EU, U.K., and G7 since December 2022.

Sources

kyivindependent.com