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| Oil prices climbed above $100 a barrel on Monday morning |
| Singapur, 09.03.2026 |
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| Oil prices rose by about 30% on Monday, but later retreated and the "black gold" was trading more than 13% higher. The reason was the reduction in production by major Middle Eastern producers due to the disruption of transport through the Strait of Hormuz due to the war in the Middle East. TASR reports this based on a report by the tradingeconomics portal and data from Bloomberg.
The price of the North Sea Brent crude oil blend for delivery in May reached 106.31 USD (91.96 euros) per barrel (159 liters) by 7:05 a.m. CET. This represents an increase of 13.62 USD (14.69%) compared to the previous close.
The price of American light crude oil WTI with the April contract reached 102.74 USD/barrel. This represents an increase of 11.84 USD (13.03%) compared to the previous close.
The initial surge in oil prices was the biggest since April 2020, and oil prices hit their highest since June 2022 after surging 35.6% last week.
In Iraq, output at its three main oil fields in the south of the country fell by 70% to 1.3 million barrels per day from 4.3 million barrels per day before the Middle East conflict, industry sources said. Kuwait, the fifth-largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), also began cutting output on Saturday. The measures followed Qatar’s cuts in liquefied natural gas (LNG) output last week. Analysts expect oil output cuts in the United Arab Emirates and Saudi Arabia as well.(1 EUR = 1.1561 USD)
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