Global oil prices have risen sharply as the conflict in the Middle East intensifies. Brent crude reached $108.77 per barrel on March 9, 2026, marking the highest single-day increase since the onset of the COVID-19 pandemic in 2020. The price had already climbed 28 percent the previous week.

The surge follows continued warfare between the United States, Israel, and Iran, which has severely disrupted shipping through the vital Strait of Hormuz. This chokepoint is crucial for the global flow of oil and natural gas. According to JP Morgan’s chief economist Bruce Kasman, the world economy remains heavily dependent on energy supplies passing through this region.

Kasman also indicated that oil prices could soon approach $120 per barrel if the current disruptions persist, underscoring the vulnerability of global markets to geopolitical tensions in the Middle East.