Oil prices top $100 per barrel as big Middle East producers cut output amid Iran war

[BumRushDaShow]

Source: CNBC

Published Sun, Mar 8 2026 6:03 PM EDT Updated 1 Min Ago


Crude oil prices surged above $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war.

West Texas Intermediate jumped 18.98%, or $17.25, to $108.15 per barrel by 6:12 p.m. ET. Global benchmark Brent advanced 16.19%, or $15.01, to $107.70. U.S. crude oil surged about 35% last week in its biggest gain in futures trading history dating back to 1983. The last time oil prices topped $100 per barrel was after Russia invaded Ukraine in 2022.

Kuwait, the fifth-biggest producer in OPEC, announced precautionary cuts Saturday to its oil production and refinery output due to "Iranian threats against safe passage of ships through the Strait of Hormuz." The state-owned Kuwait Petroleum Corporation did not detail the size of the cuts.

Output in Iraq, the second-biggest OPEC producer, has effectively collapsed. Production from its three main southern oilfields has fallen 70% to 1.3 million barrels per day, three industry officials told Reuters Sunday. Those fields produced 4.3 million bpd before Iran war.

Read more: https://www.cnbc.com/2026/03/08/crude-oil-prices-today-iran-war.html

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Thar she blows!







It already briefly hit over $104 and briefly hit near 111 during some of the latest updates.


Article updated.

Original article/headline -

Oil prices hit $100 per barrel as big Middle East producers cut output amid Iran war

Published Sun, Mar 8 2026 6:03 PM EDT


Crude oil prices surged to $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war.

West Texas Intermediate rose 11.73% to $101.56 per barrel, while global benchmark Brent jumped 9.84%% to $101.81. U.S. crude oil surged about 35% last week in its biggest gain in futures trading history dating back to 1983.

Kuwait, the fifth-biggest producer in OPEC, announced precautionary cuts Saturday to its oil production and refinery output due to "Iranian threats against safe passage of ships through the Strait of Hormuz." The state-owned Kuwait Petroleum Corporation did not detail the size of the cuts.

Output in Iraq, the second-biggest OPEC producer, has effectively collapsed. Production from its three main southern oilfields has fallen 70% to 1.3 million barrels per day, three industry officials told Reuters Sunday. Those fields produced 4.3 million bpd before Iran war.

[angrychair]

1. This in combination

With the ongoing Black Rock drama and the absolutely horrible jobs report, will send stocks spiraling tomorrow morning. May even hit a breaker or two.
Panic driven bank runs and gas lines are likely not far behind if this gets out of control and let's be honest here, this administration is not up to the task of calming the nation in the face of crisis.

In fact they are more likely to make things worse.

[EX500rider]

5. I doubt gas lines in the US like 73

Unlike then the US is now the largest producer in the world

[angrychair]

8. Have you seen the news

In Corpus Christi? They are the largest refiner and port for oil in the US I believe. Problem is that they have ignored the water issues for years and now it's all but gone and there is no way to recover it. You can build desalinization plants but that takes time. They have a maybe a couple of months before significant restrictions have to implemented and barring significant rainfall, out of water completely either before or just into next year and will have to abandon the city.
The national and worldwide implications are staggering.

Futures markets are likely just starting to factor that in.

Reference: https://www.houstonchronicle.com/news/article/corpus-christi-collapse-of-water-supply-21963019.php

[BaronChocula]

6. "this administration is not up to the task of calming the nation in the face of crisis."

Sure it is. That's what the Cuban invasion is for! Once there's boots on the ground in Havana we'll forget about:

The Trump-Epstein Files
The coverups, The growing allegations, not to mention the rape

Cabinet Craparella
Noem, Bondi, Chavez DeRemer, Lutnick, RFUK JR.,

Corruption
Perk-hungry staff and cabinet, profiting from the presidency, halting investigations of appointees

Economy
Breeching the surface of the toilet water

Domestic Policy
Executions of citizens on the street by the emotionally unfit who are trained to break the law

Foreign Policy
What's that?

The next invasion will make us forget all that.

[msongs]

2. tie it to republicans not just trump...

[James48]

3. It's going to be $150 very soon.

Every day the Straits of Hormuz is closed, the price will continue up. Without that cool, the world economy is going to take a terrible hit.

$8 US gasoline is only a couple weeks away.

[nitpicked]

4. RBOB gas(oline) as of 655 pm EDT

https://www.cnbc.com/quotes/@RB.1

About 3.08 a gallon, up from the close of 2.767 on Friday.

My SWAG is to add about 60 cents a gallon to RBOB to get a crude estimate of gas station prices (for regular).

This would put gas for the car at around $3.70 a gallon.

[nitpicked]

7. Of course, the increase in RBOB usually takes a little while to affect pump prices

Stations typically wait to see if RBOB is just having a momentary spike, or if it is instead a long-term increase.

Locally in Northern VIrginia, Gasbuddy suggests the typical lowest price for regular is 3.199 (A few spots are reported lower, but some of that is not the most current data).

[Smilo]

9. You're probably one of the lucky ones.

[link:https://gasprices.aaa.com/state-gas-price-averages/|

[democratsruletheday]

10. I was out and about in West Michigan today and....

it was at 3.70/gallon FWIW

[BumRushDaShow]

11. I paid $3.39/gal this past Friday

where I am in Philly and going north 5 miles into the 'burbs. Further out was down to $3.09.

IIRC here in PA, they can only change the prices once a week, so I expect the next update to be exhorbitant.