U.S. Oil Rose Above $100 a Barrel for the First Time Since the Start of the War With Iran

U.S. oil prices closed the session above $100 a barrel for the first time since the United States and Israel launched their war against Iran.

West Texas Intermediate futures rose by more than 3%—to $102.88 a barrel, the highest level since July 2022. The international benchmark Brent, for its part, is posting the largest percentage gain for March on record. The $100 threshold remains a key psychological marker for traders and other market participants.

The rally accelerated amid the conflict involving the United States, Israel, and Iran, which has unsettled global markets and deepened fears of a simultaneous surge in inflation and slowdown in economic growth. The confrontation is now in its fifth week and shows no sign of easing, despite Washington’s diplomatic push last week—while shipments through the strategically vital Strait of Hormuz remain close to a standstill.