WASHINGTON, D.C. — Global oil prices surged past $100 per barrel Sunday for the first time since 2022 as the expanding war involving Iran disrupted energy markets and raised concerns about supply shortages. Brent crude briefly traded above $108 while U.S. benchmark West Texas Intermediate climbed above $101, reflecting rising risks across the Middle East energy corridor.
The surge follows nine days of conflict that analysts say has disrupted roughly 20% of global oil supply, according to Rapidan Energy Group. Tankers have begun avoiding the Strait of Hormuz — a narrow shipping route off Iran that serves as one of the world’s most important transit points for crude exports.
U.S. drivers are already seeing the impact. Average gasoline prices have climbed from about $3 per gallon before the strikes to roughly $3.45, according to AAA data, and analysts warn additional increases may follow if shipments remain restricted.
President Donald Trump defended the short-term price increases Sunday, writing on Truth Social that higher oil costs are “a very small price to pay” if the conflict ultimately eliminates Iran’s nuclear threat. Administration officials are exploring options to stabilize markets, including naval escorts for shipping and temporary sanctions waivers allowing additional purchases of Russian oil.
Analysts say the situation could worsen if production disruptions spread across the region. Some oil facilities in Iraq and Kuwait have already reduced output, and continued instability could push prices toward $120 per barrel.
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