Typos

Oil Prices Surge Above $100 a Barrel Amid Middle East Tensions

Published March 9, 2026, 09:21
Oil Prices Surge Above $100 a Barrel Amid Middle East Tensions

Oil prices soared above $100 a barrel in Asian markets for the first time since July 2022, with a rise of up to 18% due to the war in the Middle East. Simultaneously, stock markets in Tokyo and Seoul recorded significant losses, exceeding 6%. The price of WTI (West Texas Intermediate) increased by 30.04% to $118.21, while Brent (North Sea) rose by 27.54% to $118.22. WTI has increased by almost 60% since the start of attacks against Iran. Brent rose 16.64% to $108.11. Analysts point out that the increase is steeper than that caused by the invasion of Ukraine. Natural gas also saw an increase, around 7%. The Strait of Hormuz, through which 20% of global oil and liquefied natural gas trade passes, remains de facto closed. Asian stock markets were negatively affected, with the Nikkei in Tokyo falling by 6.07% and the Kospi in Seoul by 6.48%.