LONDON, 09 March. - (ANA) - Oil prices jumped sharply on Monday amid fears of major disruptions to global energy supplies. Brent crude, the international benchmark, surged above $110 per barrel at $117, while US benchmark West Texas Intermediate (WTI) climbed to around $116 per barrel, marking the highest levels in more than three years.

 

Brent crude, the international benchmark for oil, surged over 25 per cent to highs of $118 per barrel as the week’s trading began in Asia – marking the commodity’s biggest one-day gain in six years.

 

Global economies are facing warnings over what could the “biggest energy crisis” in modern history after the price of oil breached the $100 mark for the first time since the energy crisis in 2022.

 

Brent crude, the international benchmark for oil, surged over 25 per cent to highs of $118 per barrel as the week’s trading began in Asia – marking the commodity’s biggest one-day gain in six years.

 

Analysts had warned at the end of last week the commodity was stepping closer to the $100 mark with the eye-watering $150 also on the horizon.

 

“The weirdest part of this crisis was how for decades energy analysts have told us a closure of the Strait of Hormuz could see oil at levels closer to $150 than $100 but how slow many were to react to it,” Mizuho Bank’s Jordan Rochester said.   - (ANA) -

 

AB/ANA/09 March 2026 - - -