Oil Prices Jump Above $100 a Barrel for First Time in Four Years

[mystery-ak]

Oil Prices Jump Above $100 a Barrel for First Time in Four Years

John Carney 8 Mar 2026
4:12

Oil prices surged past $110 a barrel on Sunday evening, topping $100 for the first time in nearly four years, as the war in the Middle East entered its ninth day with no end in sight and the Strait of Hormuz remained effectively closed to tanker traffic.

Brent crude, the international benchmark, briefly topped $110 soon after markets opened Sunday evening, while West Texas Intermediate rose to $109.05. Both benchmarks were trading around $60 a barrel in early January.

President Trump on Sunday night sought to reassure Americans that oil prices would come down in short order.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” Trump said on Truth Social.

The surge follows a record weekly gain last week — Brent climbed 30 percent, its biggest weekly jump in six years — as the conflict that began with U.S. and Israeli strikes on Iran on February 28 has choked off a waterway that normally handles about one-fifth of the world’s oil supply.

The Hormuz closure is now forcing producers across the Gulf to throttle back output as onshore storage fills. Iraq has cut production by roughly 60 percent, to between 1.7 and 1.8 million barrels a day from about 4.3 million before the conflict, according to reports. Kuwait declared force majeure on oil exports over the weekend, and Abu Dhabi has begun trimming output at offshore fields as well. Saudi Arabia, meanwhile, is racing to reroute crude shipments to its Red Sea port of Yanbu via its East-West pipeline, though it lacks sufficient loading capacity and tankers there to fully compensate, Bloomberg News reported.

more
https://www.breitbart.com/asia/2026/03/08/oil-prices-jump-above-100-a-barrel-for-first-time-in-four-years/

[cato potatoe]

Trump says rising oil prices ‘a very small price to pay’ for ‘safety and peace’

https://thehill.com/business/5774307-rising-oil-prices-trump-iran/

Couple of observations here:

If Tucker Carlson is to be believed, Trump's handlers are only showing him polls where 90% of respondents approve of the war.  Sounds like elder abuse.

Ever since Reagan popularized "Peace Through Strength" we've had nothing but wars, and the military has driven the bulk of our national debt.  I'm really looking forward to the "Peace" side of the deal, because it seems like a total sham.

[Wingnut]

If anyone is expecting gas lines, rationing, shortages like 1973, I suggest you have lost your mind.

 

[Free Vulcan]

Trump says rising oil prices ‘a very small price to pay’ for ‘safety and peace’

https://thehill.com/business/5774307-rising-oil-prices-trump-iran/

Couple of observations here:

If Tucker Carlson is to be believed, Trump's handlers are only showing him polls where 90% of respondents approve of the war.  Sounds like elder abuse.

Ever since Reagan popularized "Peace Through Strength" we've had nothing but wars, and the military has driven the bulk of our national debt.  I'm really looking forward to the "Peace" side of the deal, because it seems like a total sham.

Man dude, the Lincoln Project needs better material.

[Dexter1989]

I think this was a pretty expected outcome of the war.

[bigheadfred]

The Kobeissi Letter
@KobeissiLetter
·
2h
BREAKING: US oil prices extend their reversal, now dropping below $100/barrel and up just +9% on the day.

We are witnessing one of the biggest daily crude oil reversals in history.

[mystery-ak]

https://twitter.com/EricLDaugh/status/2030975444527227355

[cato potatoe]

"Show some Guts"

Those tankers have about 25 crew members and hold 2 million barrels of oil.  $200 million.

[mystery-ak]

WOW


DOW
46,756.45 change down -745.10

[corbe]

Democrats Suddenly Pretend to Care About Oil Prices

After they banned drilling and set out to permanently raise gas prices.

March 9, 2026 by Daniel Greenfield



Democrat states have some of the highest oil prices in the country. When I left California and came back, one of the things that always hit me hard was seeing per gallon oil prices that were double those outside it. I sometimes snapped photos of truly insane, like $7 a gallon, gas prices.

But to Gov. Gavin Newsom and the Democrat elites who were out to wipe out cars, this was a feature, not a bug.

It’s why Senate Democrats sabotaged efforts to refill the strategic reserve that Biden had drained in a desperate election bid.

<..snip..>

https://www.frontpagemag.com/democrats-suddenly-pretend-to-care-about-oil-prices/

[mystery-ak]

Stocks Trim Losses After Oil Price Spike

John Carney 9 Mar 2026

U.S. stocks pared back declines on Monday morning as oil prices retreated from multi-year highs hit over the weekend.

The Dow Jones Industrial Average was down around 1.8 percent in the first hour of trading, or around 800 points, before retracing to be down around 500 points, or one percent. The Nasdaq composite was down by around 1.3 percent at the open but those losses were cut to around 0.4 percent by 11 am. The S&P also fell sharply in the first half our of trading but was down by just 0.7 percent by late morning.

Stocks have been responding to a volatile oil market. Overnight, Brent crude futures, the global oil benchmark, briefly climbed above $110 a barrel. On Monday morning, however, it was trading at around $102. That represents a steep increase of nearly 11 percent since last week and is well above the previous three year high of around $95 a barrel.

The energy sector was up by nearly a percentage point on Monday morning and the information sector was flat. The other nine sectors of the S&P 500 were down. Financial were the worst performing sector, followed by consumer distrectionary. Consumer staples and health care were down by less than one-third of a percentage point.

Yields on 10 year Treasuries were up at the opening of trading, likely due to fears that higher energy prices could dissuade the Federal Reserve from cutting interest rates. But by 11 am, they had retreated to being flat for the day. Yields move in the opposite direction of prices, so that a rising yield indicates investors are selling Treasuries.

https://www.breitbart.com/economy/2026/03/09/stocks-trim-losses-after-oil-price-spike/

[Cyber Liberty]

Oil is now about 95 bucks....

[Dexter1989]

Oil is now about 95 bucks....

Do you think our control over Venezuela will impact this issue?

[Cyber Liberty]

Do you think our control over Venezuela will impact this issue?

I don't know.  Not my bailiwick....

[corbe]

General Mossberg
an hour ago
So. Let me get this straight. Oil that was purchased six months ago at 51 dollars a barrel and produced the gasoline and diesel that is in the gas stations today that should be selling for the 2 something dollars a gallon like it was before the Iran deal started…….suddenly costs twice to three times as much as though the oil companies spent the 100 something dollars on the same oil they got for half that? The gasoline that was in the same tank at the station last week is now being sold for twice and three times the price because speculators drove the price of oil that isn’t even pumped out of the ground yet at these ridiculous prices? In my book it is the very definition of price gouging and profiteering, both illegal and also ignored by the government. Oil companies are going to get massive obscene windfall profits due to their nefarious actions, and we are forced to pay for their obscene money grabbing greed. What chaps my hide is the fact that there is nothing we, the public, can do about it. It’s theft. Legal theft. F*ck em all.

[bigheadfred]

 

[Wingnut]

I don't know.  Not my bailiwick....

"Who runs Bartertown?"

[Canuck Conservative]

The gasoline that was in the same tank at the station last week is now being sold for twice and three times the price because speculators drove the price of oil that isn’t even pumped out of the ground yet at these ridiculous prices?

I got into this argument with my Dad when I was growing up ... and he worked for Esso

The oil-company argument goes something like, "Well when oil prices fall, you don't see a price reduction at the gas pump right away, because "all that higher-priced oil has to work its way thru the system"

OK ... so why then, when oil prices jump, is there no delay in raising the pump price?

Doesn't all that lower-priced oil "have to work its way thru the system" too??

(yes it's a scam)