Oil Prices Above $100 First Time in 4 Years
Last update: March 9, 2026
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Scenes of destruction of energy infrastructure over the weekend both in Iran and across the Gulf shocked the markets.
Global oil prices have gone above the $100 (£75.11) a barrel mark for the first time since 2022.
CBI News notes that this is following the escalating US-Israeli war with Iran that has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.
Disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world.
Early on Monday in Asia, Brent crude was around 15.5% higher at $107.16, while Nymex light sweet was up by more than 17% at $106.77.
Stock markets in the Asia-Pacific region fell sharply in early trading on Monday, with Japan's Nikkei 225 index down by more than 5% and the ASX 200 in Australia more than 3.5% lower.
Many in the markets predicted that oil would hit the $100 a barrel mark this week.
Last week the markets had been relatively relaxed about the seeming nightmare scenario for millions of barrels of crude and liquefied natural gas trapped in the Gulf, unable or unwilling to transit the Strait of Hormuz.
The existing rise is likely to further increase petrol prices, and those of important derivative products such as jet fuel and vital precursors for fertilisers.
