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Oil Surges Past $100: Highest Since 2022 Conflict
9 Mar
Summary
- U.S. oil futures jumped 20% to surpass $100 a barrel.
- This marks the highest oil price since early 2022.
- Record oil prices from 2008 may be within reach.
U.S. oil futures saw a dramatic increase in Sunday evening trading, soaring up to 20% and surpassing $100 a barrel. This surge marks the highest price point for oil since early 2022, when the conflict in Europe significantly impacted energy markets.
Following a substantial rise of over $40 a barrel in just over five trading sessions, the nominal record for West Texas Intermediate futures, set at $145.29 on July 3, 2008, now appears attainable.
Analysts note that if the Strait of Hormuz remains a bottleneck for Middle Eastern oil supply, an inflation-adjusted all-time high near $215 a barrel could also be within reach.
Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.
