← March 9, 2026 briefing
Oil smashes $100 as Iran war rattles global markets
Economy

Oil smashes $100 as Iran war rattles global markets

Brent crude has surged past $100 a barrel for the first time since Russia invaded Ukraine in 2022, briefly hitting $114 as the Iran conflict knocks an estimated 20 million barrels a day from global supply. Stock markets are tumbling worldwide — Australia's ASX shed $130 billion in a single session — while Great Britain has just two days of gas in storage as LNG tankers divert away from Europe. Trump called the price spike "a very small price to pay," though US energy secretary Chris Wright promised the pain would last weeks, not months.

Sources
Oil market braces for $100 a barrel as Middle East producers cut output

Oil market braces for $100 a barrel as Middle East producers cut output

Financial Times · Mar 8

Great Britain has only two days of gas stored as Iran war disrupts supplies

Great Britain has only two days of gas stored as Iran war disrupts supplies

The Guardian · Mar 8

Iran war drives oil prices above $100 a barrel for first time since 2022

Iran war drives oil prices above $100 a barrel for first time since 2022

The Guardian · Mar 8

ASX plunges with $130bn wiped from sharemarket amid spike in oil prices over Middle East crisis

ASX plunges with $130bn wiped from sharemarket amid spike in oil prices over Middle East crisis

The Guardian · Mar 9

Mar 9

Crude oil rockets past $100 as markets lose hope for a quick resolution in Iran

NPR · 1:24 AM

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Mar 9

Oil soars past $100 a barrel amid Iran war

Al Jazeera · 12:52 AM

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