Before the surge on Monday, Brent had already climbed 27% and WTI by 35.6% last week. Iraq and Kuwait have begun cutting oil output, adding to earlier liquefied natural gas reductions from Qatar, as the war blocked shipments from the Middle East. Analysts expect the United Arab Emirates and Saudi Arabia will have to also cut output soon as they run out of oil storage. Kuwait Petroleum Corporation began cutting oil output on Saturday and declared force majeure on shipments, though it did not say how much production it would shut. Meanwhile, as oil prices surged, U.S. Senate Democratic Leader Chuck Schumer called on Trump to release oil from the Strategic Petroleum Reserve.

Source: The Star March 09, 2026 17:05 UTC