Crude oil prices have surged past $114 per barrel for the first time since 2022, driven by the escalating conflict in Iran, which threatens vital oil production and shipping routes in West Asia. On March 9, 2026, Brent crude, the global benchmark, rose significantly on the Chicago Mercantile Exchange, marking a 23% increase from its previous close at $92.69.
West Texas Intermediate, a major American oil grade, also saw prices climb to approximately $114 per barrel, a 25% rise from its last closing price of $90.90. The ongoing conflict has severely impacted civilian infrastructure, with Bahrain accusing Iran of targeting a crucial desalination plant, while Israeli strikes have left oil depots in Tehran smoldering.
The conflict, now in its second week, has severely disrupted the Strait of Hormuz, a critical chokepoint through which about 20% of the world’s oil supply is shipped daily. This has resulted in significant production cuts in Iraq, Kuwait, and the UAE as storage capacity reaches its limits due to export challenges.
The last instance of U.S. crude trading above $100 was in June 2022, with Brent last exceeding this threshold in July 2022. The recent surge in oil prices has unsettled financial markets worldwide, raising concerns about potential inflationary pressures and reduced consumer spending, particularly in the United States.
As the situation unfolds, analysts warn that sustained high oil prices could strain the global economy. Iran’s oil exports, primarily directed to China, face potential disruptions, which could further elevate energy prices. Natural gas prices have also risen, albeit to a lesser extent, reflecting the broader impact of the conflict on energy markets.
Published in SouthAsianDesk, March 9, 2026
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