Oil price soars 25%, hits highest level in four years

Oil prices surged around 25% on Monday, March 9, 2026, to their highest since mid-2022, as an escalating Iran war squeezed world energy supplies.

Brent was on track for its biggest one-day gain ever in both percentage and absolute terms as the expanding United States-Israeli war with Iran led some major Middle Eastern oil producers to cut supplies and on fears of prolonged disruption to shipping through the Strait of Hormuz chokepoint.

Brent crude futures climbed to a high of $119.50 per barrel and U.S. ⁠West Texas Intermediate (WTI) to $119.48 a barrel.

IG market analyst Tony Sycamore said: “The violent reaction stems from the markets seeing no obvious offramp in the escalating ⁠Middle East conflict, now a high-stakes standoff where neither side appears willing to blink first.

“The risk of more lasting economic damage continues to build by the day.”

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In agricultural markets, Malaysian palm oil rose 9% and Chicago soybean oil climbed to its highest since late 2022, buoyed by the crude oil rally.

Wheat rose to its highest ⁠since June 2024 and corn prices hit a 10-month high, Reuters reported.

Gold fell more than 2% as a stronger dollar weighed on greenback-priced bullion, while higher energy costs fuelled inflation concerns and further dimmed the prospects for near‑term reductions in interest rates.

The dollar hovered near a three-month high hit last ⁠week, making bullion more expensive for holders of other currencies.

The Star