Oil tops $100 per barrel as Iraq, Kuwait and UAE cut output amid Iran conflict
Mar 8th 2026
Crude prices surged above $100 a barrel after major Gulf producers cut output amid export disruptions through the Strait of Hormuz and ongoing U.S.-Iran conflict, sending WTI to about $108 and Brent to $107.70.
- Iraq, Kuwait and the United Arab Emirates have reduced oil output after storage capacity filled and exports were disrupted.
- The Strait of Hormuz remains effectively closed to some shipments because of Iranian threats against tankers, blocking a major export route.
- West Texas Intermediate rose 18.98% to $108.15 per barrel and Brent climbed 16.19% to $107.70, after U.S. crude rallied about 35% last week.
- Iran reportedly named Mojtaba Khamenei as supreme leader, a development that could further heighten regional tensions, according to media reports.