By: The Trek News Desk
Global crude oil prices rose sharply on Monday (March 9, 2026) amid escalating conflict involving Iran, raising concerns about oil production and supply routes in West Asia. Due to the growing geopolitical tensions, oil prices climbed above $114 per barrel for the first time since 2022.
Brent crude, the international benchmark for oil prices, crossed the $114 per barrel mark soon after trading opened on the Chicago Mercantile Exchange. This represents a significant jump from its closing price of $92.69 on Friday (March 6), an increase of nearly 23 per cent.
Similarly, West Texas Intermediate (WTI), the light sweet crude produced in the United States, also rose to around $114 per barrel. The price had closed at $90.90 on Friday, reflecting a gain of about 25 per cent by Monday.
Market analysts believe that the intensifying conflict in West Asia has raised fears about disruptions to oil production and major shipping routes. These concerns have triggered a strong rally in global oil prices as investors anticipate potential supply shortages in the coming weeks.
Source: News Agencies
