US EditionOil prices top $100 per barrel as big Middle East producers cut output amid Iran war
Oil prices surged above $100 per barrel due to disruptions at the Strait of Hormuz and production cuts by Gulf producers amid ongoing Iran war risks.
- Over the weekend, AAA reported the national retail average for a gallon of regular gasoline was $3.450, while Brent crude hit $101.19 shortly after trading resumed.
- The Iran conflict has hindered production and shipping and damaged oil and gas facilities, disrupting global supply, according to reports.
- Regional data show California at $5.159, Washington $4.605, and Oregon $4.819, with the national diesel average at $4.595.
- U.S. drivers now face a national gasoline average up roughly 13 cents from Friday's $3.320 and nearly 50 cents higher than last week's $2.984, with only five states below $3.
- WTI was trading at about $107.06, reflecting sharp benchmark gains, but markets remain volatile and both could rise or fall as market trading continues.
320 Articles
320 Articles
The price of oil continues to rise and since yesterday, Sunday, March 8, it exceeded $100, for the first time since 2022.
Crude Oil Prices Top $100 a Barrel
Oil prices skyrocketed to nearly $120 a barrel early Monday morning before falling to just over $100, as the ongoing war in Iran pressures global energy markets. West Texas Intermediate, the benchmark for most U.S. oil, topped out at $119.48 until reports surfaced that members of the G7 may soon be opening their strategic oil reserves to relieve prices. Much of the price spike is caused by the war disrupting tanker traffic through the Strait of …
High Oil Prices ‘Small Price to Pay’ for ‘Peace,’ Trump Declares
President Donald Trump says a sharp increase in high oil prices is a “small price to pay” in the fight against Iran. “Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, are a very small price to pay for the U.S. and world safety and peace,” Trump wrote on Truth Social, adding, “ONLY FOOLS WOULD THINK DIFFERENTLY!” pic.twitter.com/kZqa02wtwM— Rapid Response 47 (@RapidResponse47) March 8, 2026 …
History shows the economic and market impact of oil's $100 shocker will depend on how long it lasts
Marta Lavandier/APOil prices surpassed $100, a key threshold closely watched by markets. Persistence is the factor that determines the overall impact on the economy and markets, BofA said. BofA flagged consumer spending and AI capex as things that could be affected by the latest oil shock. Oil prices hit their highest level in nearly four years amid energy disruptions stemming from the Iran war, and history holds some clues about how that will i…
Natrona County's gas prices surge as US strikes on Iran disrupt oil markets
CASPER, Wyo. — A rapid recalibration of the global energy market following U.S. strikes on Iran and the closure of the Strait of Hormuz has sent gas prices in Casper climbing at one of the fastest rates in recent history. With oil prices spiking and analysts warning of another 50-cent-per-gallon hike this week, Natrona County residents may have sticker shock from a surge that’s already pushed the national average up by more than half a dollar in…
The obstacles to producing and transporting oil from the Middle East due to the war against Iran caused its price yesterday to exceed $100 per barrel for the first time in more than three and a half years. Yesterday the West Texas Intermediate (WTI), produced in the United States, was sold up to $116.64 per barrel, a 28.31 percent higher than its closing price on Friday, when it was $90.90. While the Brent reached $116.82 per barrel, a 26.03 per…
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