U.S. oil prices surged past $100 per barrel for the first time since 2022 due to worries that the war in Iran will impact oil transportation in the Middle East.
Foreign news agencies reported that U.S. oil prices climbed above $100 per barrel on Sunday, 8 Mar 2026 local time, reaching this level for the first time since Russia's invasion of Ukraine in 2022. Investors are concerned that the conflict in Iran could prolong existing restrictions on oil shipments from the Middle East.
U.S. crude oil futures (WTI) jumped 14.7%, while Brent crude—the global benchmark—increased 12.63%, reaching $104 per barrel at 18:06 Eastern Time (ET).
Meanwhile, Dow futures fell 851.6 points, or 2%, with S&P 500 and Nasdaq futures dropping 1.73% and 1.65% respectively, amid ongoing concerns that the energy market shock could fuel inflation in the United States.
According to the American Automobile Association (AAA), following Iran's initial attack on 28 February, the average U.S. retail gasoline price surged to $3.45 per gallon on Sunday, marking a 16% increase from the previous week.
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Source:cnn