Crude Oil Hits $100

2026-03-08 22:21 By Anna Fedec 1 min. read

Crude prices surged as much as 22% to above $110 a barrel at the open extending last week record 36% gain after leading Middle Eastern producers curtailed production because the crucial Strait of Hormuz remains shut due to the Iran war.

Kuwait, OPEC’s fifth-largest producer, announced precautionary cuts to oil production and refinery output, citing Iranian threats to shipping through the Strait of Hormuz.

In Iraq, output from its three main southern oilfields has fallen about 70% to 1.3 million barrels per day from 4.3 million before the Iran war, industry officials said.

The United Arab Emirates said it is carefully managing offshore production to address storage needs, while onshore operations continue normally.



News Stream
Crude Falls on Surging Hormuz Shipments
Crude oil fell nearly 4% toward $69 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading tankers at its Ras Tanura terminal, signaling a major regional output ramp-up. Middle Eastern producers, including the United Arab Emirates, Kuwait, and Qatar, are boosting supply despite difficulties securing enough tankers to transport the additional crude. Iraq is also seeking a higher OPEC production quota to recoup the oil sales it lost during the war. Meanwhile, US President Donald Trump accused Iran of violating a ceasefire by shooting drones at ships in Hormuz. Crude oil recorded an over 10% weekly drop, the largest in a month.
2026-06-26
Crude Oil Hits 17-week Low
Crude Oil decreased to 68.86 USD/Bbl, the lowest since February 2026. Over the past 4 weeks, Crude Oil WTI lost 22.2%, and in the last 12 months, it increased 5.31%.
2026-06-26
Crude Falls on Surging Hormuz Shipments
Crude oil fell nearly 4% toward $69 a barrel on Friday, the lowest since February 27, as shipping transits through the Strait of Hormuz accelerated. Volumes surged as vessels openly navigated the waterway following progress toward a US-Iran peace deal, restoring Persian Gulf exports to roughly 75% of prewar levels. Crucially, Saudi Arabia began loading tankers at its Ras Tanura terminal, signaling a major regional output ramp-up. Despite a temporary 2% price rebound on Thursday after the container ship Ever Lovely was struck by a projectile southeast of Oman, President Donald Trump confirmed the strait remains open and traffic has continued. Middle Eastern producers, including the United Arab Emirates, Kuwait, and Qatar, are boosting supply despite difficulties securing enough tankers to transport the additional crude. Iraq is also seeking a higher OPEC production quota to recoup the oil sales it lost during the war. Crude oil recorded an over 10% weekly drop, the largest in a month.
2026-06-26