Crude Oil Skyrockets 30% As Escalating Iran War Disrupts Global Supply

Crude Oil Price Today: Crude oil prices skyrocketed as much as 31 per cent in early trade on March 9, 2026, hitting their highest since July 2022, as the widening US-Israel-Iran war prompted some West Asian producers to cut supplies. At the same time, concerns are growing about possible disruptions to tanker traffic through the Strait of Hormuz, the world’s most important oil shipping route that carries about one-fifth of global oil supply.

In early trade, West Texas Intermediate (WTI) crude futures surged by as much as $28.53, or 31.40 per cent, to an intraday high of $119.43 per barrel, while Brent crude futures climbed $26.77, or 28.90 per cent, to $119.46 per barrel.

WTI crude has rallied 78 per cent, while Brent crude has surged 65 per cent since the US and Israel launched a joint military operation against Iran on February 28, triggering a full-scale war.

Crude oil prices were last seen at these levels in 2022, when the Russia-Ukraine war broke out and triggered a global energy shock, pushing fuel prices higher across the world. However, despite the blistering rally in recent sessions, prices are srill below their historical highs. The all-time high for crude was recorded in 2008, when prices surged to around $145 per barrel amid strong global demand and mounting supply concerns, shortly before the global financial crisis rattled world markets.

Aamir Makda, commodity and currency analyst at Choice Broking, said Iran’s step to block the Strait of Hormuz over the weekend has disrupted crude oil supply and heightened concerns about regional output. He added that the surge in the US dollar, which is currently trading above the 99 level on the dollar index, has further put pressure on crude oil prices.

Over the weekend, US and Israeli forces carried out strikes on several oil depots in Tehran and other parts of Iran. Videos circulating on social media showed large fireballs and thick plumes of smoke billowing into the sky after the strikes hit the oil depots.

India is largely dependent on West Asia for its crude oil needs, as the country imports around half of its total oil imports from countries in the region, through the Strait of Hormuz. According to data from S&P Global Commodities at Sea, in 2025, around 41 per cent of India’s crude imports passed through the strait. India imported around 88 per cent of total crude in 2025, according to data from Petroleum Planning & Analysis Cell.