Crude Oil and Brent Prices Today: Oil Tops $108 as Iran War Triggers Historic Energy Crisis

Energy markets are in full crisis mode on Monday, March 9, 2026. Brent crude and WTI crude oil have surged to their highest levels since 2022, driven entirely by the ongoing U.S.-Israel military strikes on Iran and the effective closure of the Strait of Hormuz — the world's single most critical oil chokepoint.

Brent Crude Oil Price Today — $108.75 Per Barrel

The current price of Brent crude oil futures is $108.75 per barrel, with a previous close of $92.69. Today's trading range spans between $101.38 and $110.70 — and the 52-week range has now stretched from $58.40 all the way up to $110.70. That represents an extraordinary 56% price increase over the past year.

WTI Crude Oil Price Today — $108.62 Per Barrel

WTI crude is keeping pace with Brent almost tick-for-tick. WTI is trading at $108.62, up a staggering $17.72 — a single-session gain of 19.38%.

Why Oil Prices Are Surging — The Strait of Hormuz Crisis

The Iran war has disrupted 20% of global oil supply for nine days and counting — more than double the previous record set during the Suez Crisis of 1956-57, which disrupted just under 10% of global supply. Average U.S. regular gasoline prices have already climbed from roughly $3 per gallon before the strikes to $3.45 on Sunday, with further increases expected.

High risks are keeping tankers away from the narrow Strait of Hormuz off Iran — a vital transit point for energy shipments. Production shut-ins in Iraq and Kuwait are already happening and may spread to the UAE and Saudi Arabia. Barclays warned that if the current situation persists for another couple of weeks, Brent prices could test $120.

Shell Share Price — Soaring on the Oil Spike

Shell (SHEL) is trading at 36.17 EUR as of March 8, with a day range of 35.66 EUR to 36.42 EUR and a 52-week range of 26.53 EUR to 37.39 EUR. The oil giant is one of the rare beneficiaries of the crisis, with energy stocks flying across all major exchanges.

FTSE 100 — Down 1.24% as Oil Shock Hammers Stocks

The FTSE 100 closed Friday at 10,284.75, down 129.19 points — a fall of 1.24%. FTSE 100 futures on Monday are pointing to a further decline of 1.32%, trading at 10,245.50. The broader market is being crushed by inflation fears and growth concerns — even as energy stocks rally hard.

UK Petrol Prices — More Pain at the Pump Coming

UK drivers are bracing for a sharp jump at the forecourt. With Brent crude now trading above $108, petrol and diesel prices across Britain are expected to rise significantly in the coming days as the oil price shock feeds through the supply chain. Prices at the pump typically lag crude moves by one to two weeks.

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