Global oil markets are facing escalating chaos as major producers begin cutting output and prices surge toward $100 a barrel following the effective closure of the Strait of Hormuz amid the ongoing conflict involving Iran, the United States, and Israel. The disruption, now in its ninth day, shows no sign of an imminent resolution, leaving the vital corridor largely impassable. On the Shanghai International Energy Exchange in China, crude futures ended trading at the equivalent of $109 per barrel. Saudi Arabia intercepted drones targeting the 1m barrel-per-day Shaybah oil field over the weekend, while Iranian strikes have continued against Bahrain and Qatar. The crisis has also sent jet fuel prices to record levels.

Source: Daily News Egypt March 09, 2026 17:18 UTC