Global Crude Oil Prices Hit Multi-Year Highs Amid Middle East Conflict

Global crude oil prices have reached record highs as the ongoing conflict in the Middle East intensifies, fueling severe concerns over supply disruptions and the closure of the Strait of Hormuz.

As of Monday, March 9, 2026, WTI crude oil has surged by approximately 25.4%, reaching $113.97 per barrel.

Similarly, Brent crude oil has risen by roughly 23%, with the price per barrel climbing to $113.99.

This sharp increase reflects deepening market fears regarding the stability of energy transit routes and production cuts implemented by major Middle Eastern exporters.