Oil prices surged to triple digits on Sunday, marking the first time since 2022. The high price is a sign of how the ongoing Iran war is disrupting global supplies and increasing costs for consumers.
The US benchmark oil price, WTI, was trading near $120 a barrel overnight, while Brent crude rose over $108 in the evening. This marks more than double the previous record set during the Suez Crisis of 1956-57, when just under 10% of global supply was disrupted.
US drivers are already feeling the effects, with average gasoline prices rising by 30% since military strikes on Iran began. The price increase is also due to risks posed by regional oil production and processing infrastructure.
The US International Development Finance Corp. is offering insurance and guarantees, but options for consumers are limited. The White House is scrambling to contain cost increases.
Experts warn that the situation is likely to worsen as storage space runs out. Production shut-ins in Iraq and Kuwait might spread to UAE and Saudi Arabia over time.
Source: https://www.axios.com/2026/03/08/iran-war-oil-market-barrel-cost