"Oil prices on Sunday crossed into triple digits for the first time since 2022 — a stark sign of how the Iran war is throttling global supplies and raising consumers' costs.
The psychologically important $100-a-barrel mark is going to increase pain for consumers, many of whom don't support the war and didn't have any real warning that it was coming.
It's also a political setback for President Trump, who has relished in touting lower gasoline prices on his watch.
Trump wrote on Truth Social Sunday evening: "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!"
The global benchmark Brent crude was trading initially Sunday evening at $101.81, while WTI, the main U.S. metric, was at $101.56. Brent later climbed over $108.
Line graph showing Brent Crude Oil stock price rising hourly from about $84 on March 5 to $108.15 by 6pm March 8, 2026, with a sharp spike near the end."
Ben Geman reports for Axios March 8, 2026.
SEE ALSO:
"Crude Prices Make Record Jump As Trump’s Measures Fail To Calm Markets" (Politico)
"Iran War Drives Oil Prices Above $100 A Barrel For First Time Since 2022" (Guardian)
"With Qatar’s Gas Shut Off, Western Energy Giants See a Big Payday" (New York Times)
"Why US LNG Firms Stand To Profit From Iran War Fallout" (Canary Media)
