Brent Crude Back Below $100

2026-03-09 16:01 By Joana Taborda 1 min. read

Brent crude futures were back below $100 per barrel on Monday after surging at the open, as major Middle Eastern producers began cutting output following disruptions in the Strait of Hormuz.

With tanker traffic heavily restricted, several key producers including Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq, have started curbing production as storage facilities fill rapidly.

The supply disruption has intensified concerns about global energy shortages and rising inflation.

However, prices later eased after G7 finance ministers said the group “stands ready” to release oil from strategic reserves if needed.

Last week, crude oil surged around 35%, marking the largest weekly increase in futures trading since records began in 1983.

The last time prices rose above $100 per barrel was following Russia’s invasion of Ukraine in 2022.



News Stream
Brent Crude Rises Further
Brent crude oil futures soared over 7% above $109 per barrel, the highest in nearly four years, regaining traction on a volatile session as markets reconsidered the magnitude of supply risks from the ongoing war in the Persian Gulf. US President Trump pledged to escalate attacks on Iran and their infrastructure in the next weeks if Tehran does not accept American ceasefire conditions, prompting Tehran to retaliate the aggressive rhetoric. Oil and product prices had eased on reports that Oman and Iran were coordinating a toll for tankers crossing the Hormuz chokepoint, but optimism over the outlook of normalized supplies was short-lived and energy benchmarks rebounded. Consequently, dated Brent benchmarks rose to past $140 per barrel, the highest since 2008. Meanwhile, the UK is hosting talks with dozens of countries on securing the route, while OPEC+ is considering a potential output increase, though any additional supply is unlikely to impact markets in the near term.
2026-04-02
Brent Near $106 as Iran-Oman Talks Offer Cautious Hope
Brent crude oil futures pared some gains to around $106 per barrel on Thursday, after rising to as high as $109.44 earlier in the session, following reports that Iran is working with Oman on a protocol to monitor traffic through the Strait of Hormuz, raising cautious hopes of improved oversight in the key shipping route. Still, the market remains supported by escalating tensions after President Donald Trump warned the conflict with Iran could continue for weeks and pledged intensified US strikes, heightening fears of prolonged supply disruptions. His remarks offered no clear path toward reopening the strait, reinforcing uncertainty. Meanwhile, the UK is hosting talks with dozens of countries on securing the route, while OPEC+ is considering a potential output increase, though any additional supply is unlikely to impact markets in the near term.
2026-04-02
Brent Surges After Trump Warns Iran of Hard Strike
Brent crude oil futures surged 8% to above $109 per barrel on Thursday, after President Donald Trump signaled the Iran conflict could continue for weeks and warned of intensified US military action. His remarks, which included a pledge to strike Iran “extremely hard” over the coming weeks, raised fears of prolonged disruptions to global oil supply, particularly as no clear path to reopening the Strait of Hormuz was outlined. Markets reacted to the lack of any ceasefire or diplomatic signals, reinforcing concerns over tightening supply. Meanwhile, the UK is hosting a virtual meeting with around 40 countries to explore options for reopening the key shipping route, though the US is not expected to participate. OPEC+ is also considering a potential output increase, but any additional supply is unlikely to reach markets in the near term.
2026-04-02