Crude oil prices are trading in high double-digit and triple-digit territory Tuesday, March 10, as the Iran war premium continues to ripple through every corner of the global economy. WTI futures opened at $101.10 per barrel while Brent crude opened at $89.00 — both well above pre-conflict levels — as stagflation fears, gas price projections, and Energy Secretary Chris Wright's emergency response all become front-page news.

WTI and Brent Crude Oil Prices Right Now

WTI crude oil futures opened Tuesday's session at $101.10 per barrel. Technical indicators and moving averages are currently signaling a strong buy on crude oil futures, with the next settlement date set for March 20, 2026.

Brent crude oil futures opened Tuesday at $89.00 per barrel. WTI touched $119.48 overnight Sunday into Monday before pulling back sharply to approximately $96 to $100 during Monday's regular session — one of the most dramatic intraday oil price reversals ever recorded.

How Far Oil Has Climbed Since the Iran War Began

Brent crude is currently up approximately 38% from right before the war began on February 28 and up 64% from the start of 2026. WTI has climbed 43% since the eve of the war and 67% since January 1 — making the past ten days one of the most violent oil price surges in market history, surpassing the pace of the 2022 Russia-Ukraine spike when Brent reached $130.50 per barrel.

Stagflation Warning: The Global Economy's Biggest Fear Right Now

Stagflation — a dangerous combination of high inflation and economic stagnation — is now the dominant risk being priced into global markets. Analyst Lee Hardman at Mitsubishi UFJ Financial Group said: "The surge higher for the price of oil is significantly increasing stagflation risks for the global economy and could trigger a deeper sell-off in global equity markets."

Central banks are now caught in a trap. Raising interest rates would fight inflation but choke growth further. Holding rates steady risks letting the energy-driven inflation spiral get out of control. Trade Nation analyst David Morrison noted that investors now expect just one Federal Reserve rate cut this year — compared to two cuts projected just last week — while the European Central Bank is now tipped to hike rather than hold.

Strait of Hormuz: Only a Handful of Ships Still Moving

Iranian retaliatory attacks have all but halted maritime traffic through the Strait of Hormuz, through which approximately one-fifth of global crude oil and liquefied natural gas passes. Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export via the Strait. Kuwait Petroleum Corporation began cutting output over the weekend and declared force majeure on shipments. Saudi Aramco has begun cutting output at two oilfields as storage capacity reaches its limits.

Gas Prices at the Pump: $4 Per Gallon Expected by Week's End

The pain at the pump is accelerating. The national average for regular gasoline has surged to approximately $3.48 per gallon — up roughly 50 cents in one week — with OPIS chief oil analyst Denton Cinquegrana projecting $4 per gallon by Friday if crude oil holds near current levels.

A spike in diesel prices is simultaneously emerging as the first and most immediate threat to supply chains across the Americas, with trucking and freight costs beginning to rise sharply in response to the crude price shock.

G7 Discussing Strategic Reserve Release — No Action Taken Yet

G7 finance ministers are discussing the possibility of releasing oil from strategic petroleum reserves in response to the price rally. A French government source confirmed the topic is on the G7 agenda, while U.S. Senate Democratic Leader Chuck Schumer has called on President Trump to release the Strategic Petroleum Reserve immediately.

No coordinated reserve release has been announced as of Tuesday morning ET. Markets remain on edge as Wednesday's Consumer Price Index report — the first major inflation reading since the oil price shock began — looms as the week's single most important economic data point.