New York, United States – Web Desk: Global oil prices surged above $100 a barrel for the first time in nearly four years on Sunday, March 8, 2026, as markets reacted to escalating fears of prolonged supply disruptions from the ongoing US-Israeli military campaign against Iran.
Both Brent and West Texas Intermediate (WTI) crude benchmarks jumped more than 15% when trading resumed Sunday evening, reaching levels last seen during the early stages of Russia’s 2022 invasion of Ukraine. The sharp rise follows Iran’s threats to target vessels in the Strait of Hormuz—through which roughly 20% of the world’s crude and liquefied natural gas transits—and production cuts by several Gulf producers amid heightened regional risks.
Israeli strikes on fuel depots in Tehran have further stoked concerns of retaliatory attacks on neighboring countries’ energy infrastructure, compounding supply worries.
US President Donald Trump defended the military operation, dismissing the oil price spike as a “small price to pay” for eliminating Iran’s nuclear threat. In a social media post Sunday evening, he wrote: “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!”
The White House has maintained that the price increase will prove temporary. US Energy Secretary Chris Wright told CNN and CBS that disruptions would likely last “a few weeks, not months,” emphasizing ample global supplies, particularly in the Western Hemisphere. He noted ongoing discussions with shipping companies to resume Gulf transit, potentially with direct US military protection for early tankers, and expressed confidence that maritime traffic through the Strait of Hormuz would normalize “relatively soon.”
Iran, which accounts for about 4% of global oil production, faces long-standing international sanctions but continues limited exports, primarily to China.
In related measures, US Treasury Secretary Scott Bessent indicated Friday that the administration is considering lifting sanctions on additional Russian oil volumes. The US International Development Finance Corporation also announced a new $20 billion reinsurance mechanism to mitigate risks for vessels navigating the Strait of Hormuz.
The surge has already driven higher gasoline prices at US pumps—a politically sensitive issue ahead of November midterm elections—amid broader economic fallout from the conflict now in its second week.
