Trending Now - Oil Prices Spike Over $100 as Australian Markets Plunge

WHO:

President Trump stated, "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace."

Energy Secretary Chris Wright assured that the war with Iran isn't "long-term" and that the spike in gas prices is "a little glitch."

President Trump stated that a gain in "short term oil prices" is a "very small price to pay" for destroying Iran's nuclear threat.

Energy Secretary Chris Wright assured that the U.S. does not plan to strike Iran’s oil industry or other energy infrastructure sites.

President Trump

Energy Secretary Chris Wright

BlackRock CIO Rick Rieder

Iranian officials

WHAT:

Oil prices surged past $114 per barrel on March 9th, 2026, marking a 23% increase from the previous closing price of $92.69.

The average price of gasoline in America rose to $3.45 per gallon on March 8th, 2026, which is about 47 cents more than a week earlier.

Iraq's oil output has reportedly shrunk by 70% since the conflict began.

The Dow Jones Industrial Average slid around 3% last week, marking its worst weekly decline since President Trump's initial tariff announcement in early April 2025.

Oil prices surged past $100 per barrel on March 5th, 2026, marking the first time since July 2022 that prices reached this level.

The average price of gasoline in America rose to $3.40 per gallon on March 5th, 2026.

Iraq's oil output has reportedly shrunk by 60% since the conflict began.

Oil prices surpassed $114 per barrel on March 9th, 2026, marking a 23% increase from the previous closing price of $92.69.

West Texas Intermediate crude was also selling for about $114 per barrel, a 25% increase from its previous close of $90.90.

The average price of gasoline in America rose to $3.45 per gallon on March 5th, 2026, which is about 47 cents more than a week earlier.

U.S. crude prices jumped by 36% and Brent crude rose by 28% in the week leading up to March 9th, 2026.

The International Monetary Fund estimated that every sustained 10% rise in oil prices results in a 0.4% rise in inflation and a 0.15% reduction in global economic growth.

U.S. oil prices topped $100 per barrel for the first time since July 2022.

West Texas Intermediate crude jumped 18% to above $107 per barrel.

International benchmark Brent crude added 16% to above $108 per barrel.

Dow futures fell 848 points, or 1.79%.

S&P 500 futures lost 1.7% and Nasdaq 100 futures dropped 1.9%.

The average price of gasoline in America reached $3.45 a gallon, up 16% from the week prior.

U.S. crude soared more than 35% in the previous week, marking its biggest weekly gain since 1983.

Iraq's oil production reportedly fell by 70%.

WHERE:

Bahrain's state-owned energy company Bapco Energies declared force majeure on its operations after an Iranian attack on its oil refinery.

The Strait of Hormuz, a key waterway through which 20% of the world’s oil transits, has been effectively closed due to the conflict.

New York Stock Exchange

Strait of Hormuz, Middle East

WHEN:

The U.S. government ordered non-emergency government employees to leave Saudi Arabia on March 9th, 2026.

On March 5th, 2026, oil prices began to rise significantly.

The initial strikes in Iran occurred on February 28th, 2026.

WHY:

The ongoing conflict has led to fears of prolonged disruption to global energy supplies, prompting major oil producers like Iraq, Kuwait, and the UAE to cut production.

The conflict has led to fears of prolonged disruption to global energy supplies, prompting major oil producers to cut production.

The ongoing conflict has led to fears of prolonged disruption to global energy supplies, prompting major oil producers like Iraq, Kuwait, and the UAE to cut production.

The rise in oil prices is attributed to the ongoing U.S.-Iran conflict and the closure of the Strait of Hormuz.

Major Middle East producers slashed their output due to the conflict.

HOW:

The U.S. and Israel launched airstrikes on Iran on February 28th, 2026, which led to Iran shutting down the Strait of Hormuz, a critical waterway for oil transport.

Attacks on energy production facilities in the region have further threatened supplies, with Israel targeting Iran’s oil infrastructure for the first time since the war began.

Oil futures jumped after major producers announced output cuts.

Iran threatened to attack any oil tanker passing through the Strait of Hormuz, impacting oil flow.

(UPDATED March 9, 2026 11:09 UTC)

Today, oil prices surged past $114 per barrel, a significant 23% increase from the previous closing price, while the average price of gasoline in America rose to $3.45 per gallon, about 47 cents higher than last week. President Trump emphasized that the short-term spike in oil prices is a small price to pay for safety and peace, as Energy Secretary Chris Wright reassured that the current conflict with Iran isn't expected to last long. In related developments, the U.S. government has ordered non-emergency employees to leave Saudi Arabia, and Bahrain's state-owned energy company has declared force majeure following an Iranian attack on its oil refinery.

(UPDATED March 9, 2026 07:15 UTC)

Today, President Trump emphasized that the recent rise in short-term oil prices is a "very small price to pay" for addressing Iran's nuclear threat, while Energy Secretary Chris Wright reassured that the U.S. does not intend to target Iran's oil industry. Oil prices surged past $100 per barrel on March 5, marking the first time since July 2022 that they reached this level, and the average price of gasoline in America has now risen to $3.40 per gallon. In the wake of escalating tensions, the U.S. government ordered non-emergency employees to leave Saudi Arabia today, as fears grow over potential disruptions to global energy supplies following airstrikes on Iran and the subsequent shutdown of the Strait of Hormuz.

(UPDATED March 9, 2026 05:21 UTC)

Oil prices surged past $114 per barrel today, marking a significant 23% increase from last week's closing price, while West Texas Intermediate crude also reached about $114, up 25% from its previous close. This spike comes amid ongoing conflict in the Strait of Hormuz, which has effectively closed this crucial waterway that carries 20% of the world’s oil, leading major producers like Iraq, Kuwait, and the UAE to cut production. Additionally, attacks on energy facilities in the region, including Israel's targeting of Iran's oil infrastructure, have raised fears of prolonged disruptions to global energy supplies.

(UPDATED March 9, 2026 01:22 UTC)

Today, U.S. oil prices have surged past $100 per barrel for the first time since July 2022, with West Texas Intermediate crude rising 18% to over $107 and Brent crude climbing 16% to above $108. This spike in oil prices comes amid escalating tensions in the U.S.-Iran conflict, which has led to significant output cuts from major Middle Eastern producers and threats from Iran regarding oil tankers in the Strait of Hormuz. As a result, the average price of gasoline in America has jumped to $3.45 a gallon, reflecting a 16% increase from last week, while Dow futures fell by 848 points.