Oil prices surge above $100 amid U.S.-Israel war on Iran

Global oil prices have surged past $100 per barrel following the United States and Israel’s war on Iran, raising concerns about possible long term disruptions to energy supplies worldwide.

Brent crude, the international oil benchmark, climbed by more than 20 percent on Sunday (March 08). During trading, the price briefly moved above $114 per barrel as markets reacted to growing fears that the conflict could disrupt global oil production and supply routes.

The increase pushed oil prices above the $100 mark for the first time since Russia’s invasion of Ukraine in 2022.

Prices eased slightly afterward but remained high. As of 02:30 GMT on Monday (March 09), Brent crude was trading at around $107.50 per barrel.

Despite the sharp rise, U.S. President Donald Trump downplayed the impact of the price surge. Responding on his Truth Social platform, he said the increase in oil prices would likely be temporary.

Trump stated that short term price increases are a small cost if they help remove what he described as the Iranian nuclear threat, adding that prices are expected to fall quickly once the situation is resolved and global security is ensured.