Global oil prices spike amid military conflict with Iran

On Monday, March 9, 2026, global oil prices experienced a historic surge, with Brent and WTI crude futures temporarily exceeding 100 dollars per barrel, and peaking near 120 dollars. This volatility follows the escalation of a conflict involving the United States, Israel, and Iran, now in its second week. The surge is primarily attributed to the near-paralysis of the Strait of Hormuz, a critical maritime route for 20% of global oil supplies, and subsequent production cuts in Middle Eastern nations including Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates. While market prices partially stabilized after initial spikes of up to 30%, energy concerns have caused significant downturns in major European stock markets, including Frankfurt, Paris, and London. G7 finance ministers and the International Energy Agency have discussed the potential for a coordinated release of strategic oil reserves, though French Finance Minister Roland Lescure stated that no final decision has been reached. U.S. President Donald Trump has characterized the price increase as a temporary cost necessary to address Iran's nuclear program. Analysts warn that the situation remains unstable, threatening further inflationary shocks if the supply disruptions persist.