Oil Prices Surpass $100 Amid Supply Disruptions

2026-03-09 03:17 By Judith Sib-at 1 min. read

WTI crude oil futures surged more than 13% to above $100 per barrel on Monday, after earlier rallying by as much as 31% amid production cuts from major Middle Eastern producers following disruptions in the Strait of Hormuz.

The earlier spike marked the largest one-day gain since April 2020 and the highest price level since June 2022, building on last week’s 35.6% surge.

Kuwait has begun reducing output at its oil fields and refineries, while the UAE said it is managing offshore production to address storage needs, with onshore operations continuing as normal.

In Iraq, output from its three main southern oilfields has dropped by 70% to 1.3 million bpd from 4.3 million bpd prior to the conflict, according to industry sources.

These followed LNG production cuts from Qatar last week, further tightening global supply.

Meanwhile, Iran has selected the son of the late Ayatollah Ali Khamenei as its new Supreme Leader.



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