{"id":115905,"date":"2026-03-08T19:25:56","date_gmt":"2026-03-08T22:25:56","guid":{"rendered":"https:\/\/shipping.einnews.com\/article\/898157995"},"modified":"2026-03-08T19:25:56","modified_gmt":"2026-03-08T22:25:56","slug":"crude-oil-prices-surpass-100-a-barrel-as-the-iran-war-impedes-production-and-shipping","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/03\/08\/crude-oil-prices-surpass-100-a-barrel-as-the-iran-war-impedes-production-and-shipping\/","title":{"rendered":"Crude oil prices surpass $100 a barrel as the Iran war impedes production and shipping"},"content":{"rendered":"
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CHICAGO (AP) \u2014 Oil prices have eclipsed $100 per barrel for the first time in more than three and a half years as the Iran war<\/a> hinders production and shipping in the Middle East.<\/p>\n

The price for a barrel of Brent crude, the international standard, was at $101.19 shortly after trading resumed on the Chicago Mercantile Exchange, up 9.2% from its settlement price of $92.69 Friday.<\/p>\n

West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $107.06 a barrel. That\u2019s 16.2% higher than its Friday settlement price of $90.90.<\/p>\n

Both could rise or fall as market trading continues. <\/p>\n

The increases followed U.S. crude prices jumping by 36% and Brent crude prices rising 28% last week. Oil prices have surged<\/a> as the war, now in its second week, ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf. <\/p>\n

Roughly 15 million barrels of crude oil \u2014 about 20% of the world\u2019s oil \u2014 typically are shipped every day through the Strait of Hormuz<\/a>, according to independent research firm Rystad Energy. The threat of Iranian missile and drone attacks has all but stopped tankers from traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.<\/p>\n

Iraq, Kuwait and the UAE have cut their oil production as storage tanks fill due to the reduced ability to export crude. Iran, Israel and the United States also have attacked oil and gas facilities since the war started, exacerbating supply concerns.<\/p>\n

The last time U.S. crude futures traded above $100 per barrel was June 30, 2022, when the price reached $105.76. For Brent, it was July 29, 2022, when the price hit $104 per barrel. <\/p>\n

The global surge in oil prices since Israel and the U.S. attacked Iran on March 1 has rattled financial markets, sparking worries that higher energy costs will fuel inflation and lead to less spending by U.S. consumers, the main engine of the economy.<\/p>\n

In the U.S., a gallon of regular gasoline rose to $3.45 on Sunday, about 47 cents more than a week earlier, according to AAA motor club. Diesel was selling for about $4.60 a gallon, a weekly increase of about 83 cents.<\/p>\n

The price of natural gas has also climbed, though not as much as oil. It rose about 11% last week and ended Friday at $3.19 per 1,000 cubic feet.<\/p>\n

If oil prices stay above $100 per barrel, some analysts and investors say it could be too much for the global economy to withstand.<\/p>\n

Over the weekend, Israel\u2019s military struck oil depots in Tehran<\/a> and four oil storage tankers and a petroleum transfer terminal.<\/p>\n

Mohammad Bagher Qalibaf, the speaker of Iran\u2019s parliament, said the war\u2019s impact on the oil industry would spiral, warning it soon could become harder to produce and sell oil. <\/p>\n

Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran\u2019s exports are disrupted, another factor that could increase energy prices. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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