Oil prices up 10% on Iran war, pare gains after hitting highest since 2022
Oil prices surge amid Iran conflict and OPEC supply cuts
Oil prices surged 10% on March 9, 2026, with Brent crude reaching a session high of $119.50 per barrel, the highest since 2022, driven by supply cuts from Saudi Arabia and other OPEC members amid the escalating U.S.-Israeli war with Iran. The conflict has severely disrupted logistics in the Strait of Hormuz, which is vital for global oil transport, while Saudi Aramco has begun reducing output at key oilfields to manage the crisis.
Key Takeaways
- 1.
Brent crude reached a session high of $119.50 per barrel, the highest since 2022.
- 2.
Saudi Aramco has begun cutting production at two oilfields due to supply disruptions.
- 3.
The war has effectively shut the Strait of Hormuz, impacting global oil logistics.
Get your personalized feed
Trace groups the biggest stories, videos, and discussions into one feed so you can stay current without scanning ten tabs.
Try Trace free