Oil Prices Jump Above $100 As Strait Of Hormuz Disruptions Shake Global Markets

Crude oil prices surged on March 9 amid fears of supply disruptions caused by Middle East conflict. Price climbed close to $120 per barrel before easing to $100. Strait of Hormuz disruptions and production cuts by Gulf producers pushed markets higher

Crude oil price on March 9 rises sharply

Crude oil prices recorded a major jump on March 9, 2026, reflecting growing concerns about supply disruptions in the Middle East. According to market data, crude oil was trading at $98.44 per barrel, marking an 8.30% increase from the previous day.

The rise is part of a much bigger upward trend. Over the past one month, crude oil prices have climbed 53.91%, while the price is 49.09% higher than the same period last year. The figures come from trading data based on a contract for difference (CFD) that tracks the benchmark global crude oil market.

Historically, crude oil prices had reached an all-time high of $410.45 in December 2025, showing how volatile the market has become during major global conflicts and supply disruptions.

WTI crude oil crosses $100 per barrel

On Monday, West Texas Intermediate (WTI) crude oil futures rose more than 10%, moving above $100 per barrel. At the start of trading, prices had surged by as much as 29%, reflecting panic in energy markets.

The sharp increase followed reports that major oil-producing countries in the Middle East were cutting production due to disruptions in the Strait of Hormuz, one of the world’s most important shipping routes for oil.

With tanker traffic heavily restricted in the region, several major producers, including Saudi Arabia, the United Arab Emirates, Kuwait and Iraq, have started reducing oil output. Storage facilities in some areas are also reportedly filling quickly, forcing producers to slow production.

Oil briefly nears $120 amid market fears

The global oil market experienced extreme volatility during the day. The price of Brent crude, the international oil benchmark, briefly rose to $119.50 per barrel early Monday before later falling back to just above $101 per barrel, still around 9% higher than earlier levels.

Meanwhile, West Texas Intermediate crude, the main oil benchmark in the United States, also surged to about $119.48 per barrel before settling closer to $100 per barrel later in the day.

The sudden price spikes came as the ongoing conflict involving Iran raised fears that oil production and shipping routes in the Middle East could face further disruptions.

Supply fears and inflation worries grow

The restrictions on tanker traffic in the Strait of Hormuz have raised concerns about global energy shortages. The waterway is a crucial route for transporting oil from Gulf countries to international markets.

If shipments continue to face disruptions, experts warn that energy prices could rise further, potentially increasing inflation around the world.

Last week alone, crude oil futures jumped about 35%, marking the largest weekly increase since futures trading records began in 1983.

The last time crude oil prices crossed $100 per barrel was after Russia invaded Ukraine in 2022, which also disrupted global energy markets.

G7 considers emergency oil reserves

As prices surged, leaders from the Group of Seven (G7) major industrial economies discussed the possibility of releasing strategic oil reserves to calm markets.

French President Emmanuel Macron suggested that emergency reserves could be used to control rising prices and stabilise the global oil market.

The statement initially helped cool the market slightly. However, later in the day, the G7 said it had not yet decided to release reserves.

French Finance Minister Roland Lescure, who chaired a meeting of G7 finance ministers in Brussels, said the group was ready to take action if needed.

“We’re not there yet,” he said, but added that the G7 was prepared to take coordinated steps, including the use of strategic stockpiles, if the situation worsens.

Markets remain on edge

Energy markets around the world remain extremely sensitive to developments in the Middle East conflict. Traders and analysts say oil prices could continue to move sharply depending on how the situation unfolds in the coming days.

For now, governments and energy companies are closely monitoring shipping routes, production levels and political developments that could further affect global energy supplies.