Oil prices climb 20% to reach highest level since 2022 amid Middle East conflict

2026-03-09 - 04:04

Oil prices surged sharply on Monday, surpassing $110 per barrel for the first time since July 2022, amid deepening concerns over supply disruptions caused by the escalating US-Israel conflict with Iran. The rally was fueled by production cuts from major oil-producing nations. Brent crude futures jumped as much as $18.35, or 19.8%, reaching $111.04 a barrel, and were trading $15.24 higher, or 16.4%, at $107.93 by 0014 GMT. U.S. West Texas Intermediate (WTI) crude also climbed $16.50, or 18.2%, to $107.40 per barrel, after spiking $20.34, or 22.4%, to $111.24 earlier in the session, according to Reuters. Iraq and Kuwait have already begun reducing oil output, adding to previous cuts in liquefied natural gas production from Qatar. The conflict has disrupted shipments across the Middle East, intensifying global supply concerns. Reports indicate that Saudi Arabia and the United Arab Emirates may soon follow with production reductions as their storage capacities near limits.