economy
March 9, 2026
Oil prices above $100 a barrel for the first time since 2022, urgent reaction from Serbian authorities
World oil prices have exceeded $100 a barrel for the first time since 2022 amid concerns that the escalation of the US-Israeli war with Iran could permanently disrupt supply through the Strait of Hormuz.
TL;DR
- Global oil prices exceeded $100 per barrel for the first time since 2022.
- Concerns over the US-Israeli conflict with Iran and potential disruption of supply through the Strait of Hormuz are driving the price increase.
- Iran has announced Mojtaba Khamenei will succeed his father Ali Khamenei as Supreme Leader, indicating continued hardliner rule.
- US and Israel conducted air strikes on Iran over the weekend of March 7-8, hitting targets including oil storage.
- Brent crude rose by approximately 15.5% to $107.16 per barrel, and US Nymex Light Sweet crude increased by over 17% to $106.77 in Asian markets on March 9.
- Some analysts predict oil prices could reach $150 per barrel if the Strait of Hormuz remains closed.
- The price increase is expected to lead to higher prices for gasoline, jet fuel, and fertilizer components.
- Asian markets, major consumers of Middle Eastern oil and gas, are particularly affected.
- Serbian authorities have banned the export of oil and all motor fuels until March 19 to protect the domestic market.
- US President Donald Trump commented on the oil price increase on his Truth Social platform.
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