Oil Prices Surpass $100 Per Barrel Amid Strait of Hormuz Disruptions

On March 8, 2026, global oil markets experienced a notable price increase as both Brent and U.S. West Texas Intermediate (WTI) crude oil surpassed the $100 per barrel mark for the first time since mid-2022.

The rise in oil prices was associated with interruptions in production and shipping, which were connected to the ongoing conflict involving Iran. These disruptions impacted the movement of oil through the Strait of Hormuz, a key route for global energy shipments.

After markets reopened on March 8, Brent crude was trading at approximately $107.97 per barrel, while WTI crude reached around $106.22 per barrel. These figures reflect a substantial increase compared to previous weeks.

The surge followed a sharp weekly gain, with Brent crude rising by 16.5% and WTI crude climbing by 16.9%. This marked the highest price levels for both benchmarks since the middle of 2022.

What the numbers show

• Brent crude reached $107.97 per barrel on March 8, 2026
• WTI crude traded at $106.22 per barrel on the same day
• Brent and WTI saw weekly increases of 16.5% and 16.9%, respectively
• The last time Brent exceeded $100 was July 29, 2022, at $104 per barrel
• U.S. crude futures last topped $100 on June 30, 2022, at $105.76

According to media reports, the recent price jump was attributed to the impact of the conflict on oil production and shipping routes. The Strait of Hormuz, which is central to global oil transportation, has seen reduced flows as a result of the ongoing situation.

Approximately 20% of the world's daily oil shipments, estimated at around 15 million barrels, typically pass through the Strait of Hormuz. The current disruptions have affected this critical passageway, contributing to the market response.

Historical data shows that the last time Brent and U.S. crude futures traded above $100 per barrel was in mid-2022. Brent reached $104 per barrel in July 2022, while U.S. crude futures hit $105.76 per barrel in June of the same year.

The developments on March 8, 2026, reflect the sensitivity of global oil prices to geopolitical events and transportation bottlenecks in major shipping lanes.

* This article is based on publicly available information at the time of writing.