A historic disruption to the world’s oil production sent crude prices smashing through the $100 barrier Monday for the first time in nearly four years, before prices settled just below $100. In fact, oil prices very nearly hit $120 a barrel overnight before reports surfaced that Western nations would discuss steps to alleviate high fuel prices. As oil prices have surged, so too have gasoline prices. Oil traders don’t think $100 oil is here to stay. Meanwhile, absent a compelling solution to the strait’s closure, oil prices will continue to march higher.

Source: Egypt Independent March 10, 2026 08:56 UTC