Oil rallies above $100 for 1st time since July 2022 on Middle East tensions

Updated 3/9/2026 10:01:00 AM
Oil rallies above $100 for 1st time since July 2022 on Middle East tensions

Arab Finance: Oil prices surpassed $100 a barrel for the first time since July 2022, driven by escalating tensions in the Middle East, which affected production and shipping operations in vital global energy supply regions.

Brent crude hit around $107.81 per barrel on Monday at 9:51 AM Cairo time, marking a 16.31% increase compared to the previous session's settlement price of $92.66 per barrel.

Similarly, West Texas Intermediate (WTI) crude increased by 13.54% to around $103.21 per barrel, compared to its previous session's settlement price of $90.96. 

"Unless oil flows through the Strait of Hormuz resumes soon and regional tensions ease, upward pressure on prices is likely to persist," said Vasu Menon, managing director for investment strategy at OCBC in Singapore.

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