Monday, March 9, 2026 |
Photo – Generic image of oil barrels – Bigfoot99 file photo
Oil prices surged past $110 a barrel on Sunday evening, topping $100 for the first time in nearly four years, as the war in the Middle East entered its ninth day.
President Trump, on Sunday night, sought to reassure Americans that oil prices would come down in short order.
Meanwhile, the Strait of Hormuz remained effectively closed to oil tanker traffic as military activity against Iran continues.
The surge follows a record weekly gain last week — Brent climbed 30 percent, its biggest weekly jump in six years — as the conflict that began with U.S. and Israeli strikes on Iran on February 28 has choked off a waterway that normally handles about one-fifth of the world’s oil supply.
