US EditionIran War: Global Oil Prices Breach $115, Trump Says Its A ‘Small Price To Pay’
The halt of 20% of global crude traffic via the Strait of Hormuz due to war and regional output cuts pushed oil prices above $100, with benchmarks rising over 15%.
- On March 8, 2026, maritime traffic through the Strait of Hormuz has all but halted since the war began, pushing global oil markets above $100 a barrel.
- Iran and regional producers face supply risks as Iran accounts for about 4% of world oil and still exports mainly to China despite sanctions, while Gulf oil and gas producers cut output and Israeli strikes on Tehran fuel depots raised fears.
- Market data show West Texas Intermediate and Brent jumped by over 15 as markets opened Sunday evening, with oil later eclipsing $114 per barrel, a roughly 25% rise since Friday.
- Immediate impacts include the US International Development Finance Corporation creating a $20 billion reinsurance mechanism, Scott Bessent considering lifting sanctions on Russian oil, and G7 finance ministers discussing an emergency oil reserve release.
- Ahead of the Eurogroup meeting on Monday, the Greek economy and finance minister said the EU is `being tested` as the Eurogroup president urged that `Europe should speak with one voice` using the `2022 toolkit`.
30 Articles
30 Articles
Stocks slide worldwide as US–Israeli war on Iran drives oil prices higher
Global stock markets fell sharply on Monday while oil prices surged past $100 a barrel after the United States and Israel expanded military strikes on Iran, raising fears of disruption to global energy supplies. Financial markets reacted with losses across Asia and Europe as traders responded to the risk that the conflict could halt oil shipments through the Strait of Hormuz, a route that carries about one fifth of the world’s crude exports.
Oil Supplies Hit in G7 Nations As US-Iran War Drives Global Price Surge
Oil prices surged above $100 per barrel as the US-Iran war escalated, disrupting supplies through the Strait of Hormuz and prompting major oil producers to cut output. The resulting supply shock has triggered significant volatility in global energy markets, with G7 countries facing heightened risks to their oil imports and economic stability.According to Hindustan Times, Brent crude prices spiked as much as 28% to $118.73 per barrel, while West …
Oil Hits $100 Per Barrel as Impact of Iran War Widens
The war in Iran has created a bottleneck for the world’s energy supply, sending oil prices surging to $100 a barrel, the highest level in years. NBC’s Christine Romans reports for TODAY on how the escalating conflict is rattling stock markets around the world and how Americans are feeling a worse-than-expected pinch at the pump.
The Iran war has driven the oil price to the highest level since the summer of 2022. US President Trump appeases: This is a low price for the peace of the world. Nevertheless, the stock exchanges are going down.
The Iran war drives oil prices back over $100 for the first time since the beginning of the Ukraine war. US President Trump defends rising energy prices as a necessary price for security and peace.
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