APTOPIX Iran US Israel
A thick plume of smoke rises from an oil storage facility hit by a U.S.-Israeli strike late Saturday in Tehran, Iran, Sunday, March 8, 2026.
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Oil prices have jumped past $100 a barrel as the Iran war disrupts oil production and shipping in the Middle East. The price for a barrel of Brent crude, was at $107.97 shortly after trading resumed Sunday on the Chicago Mercantile Exchange. That's 16.5% higher than the international benchmark's Friday closing price of $92.69. The light crude oil produced in the United States sold for about $106.22 a barrel, or 16.9% more. Crude prices haven’t gotten that high in more than three and a half years. Supply concerns have driven crude and gasoline higher as the war ensnares major oil-producing countries and hinders exports from the Persian Gulf.
The Iran war has upended oil production and shipping across the Middle East, straining energy supplies worldwide. And crude prices swung wildly Monday. The price of Brent crude, the international benchmark, briefly surged to $119.50 per barrel on Monday — its highest level since the summer after Russia invaded Ukraine in 2022. West Texas Intermediate, which is produced in the U.S., also soared to $119.48 per barrel at one point. But those prices fell to under $90 late Monday, as markets made significant reversals after President Donald Trump told CBS News that he thinks “the war is very complete.”
Surging oil prices jolted other financial markets, as share benchmarks in Japan and South Korea plunged more than 5%.
