Oil Prices Surge 30% Amid Middle East War Concerns

AFP

Oil tankers in the Strait of Hormuz.

Oil prices jumped sharply on Monday, March 9, 2026, as the ongoing war in the Middle East and threats to shipping in the Strait of Hormuz pushed global markets higher.

Brent Crude futures rose $24.96, or 27%, reaching $117.65 per barrel by 4:51 GMT, marking the largest single-day increase on record.

Meanwhile, West Texas Intermediate (WTI) crude futures climbed $25.72, or 28.3%, to $116.62 per barrel.

The surge in oil prices has raised concerns among world leaders and affected consumers in the United States. Donald Trump responded on his Truth Social platform, stating that the rise in prices would be temporary.

“Oil prices have risen in the short term, and will quickly fall once the Iranian nuclear threat is eliminated. This is a very small price to pay for the safety and security of the United States and the world,” he said, adding, “Only fools would think otherwise.”

Since the beginning of the US-Israeli attack on Iran, the price of West Texas Intermediate crude has increased by nearly 70%, an unprecedented rise in such a short period. Even the Russian invasion of Ukraine did not trigger similar fluctuations.

Stock markets across Asia also fell sharply in early trading.

On the Tokyo Stock Exchange, the Nikkei 225 index dropped 6.97% to 51,740 points around 2:30 GMT.

In Seoul, the KOSPI index fell 6.61%. The TAIEX in Taipei declined 5.7%, while the S&P/ASX 200 in Sydney fell 3.67%.

The Hang Seng Index in Hong Kong was also down 2.87%.


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