NEW YORK, March 9, 2026 (BSS/AFP) - Oil prices surged above $100 a barrel for the first time in nearly four years on Sunday over worries that the spiralling Middle East war could create prolonged supply disruptions. Both crude oil benchmarks, the West Texas Intermediate (WTI) and Brent, jumped by over 15 percent as markets opened Sunday evening, touching levels not seen since the early months of Russia's 2022 invasion of Ukraine. Iran accounts for about four percent of world oil production, according to the US Energy Information Administration. Its oil industry is subject to international sanctions but some is still exported, mainly to China, oil industry data shows. US Treasury Secretary Scott Bessent said Friday that the government was considering lifting sanctions on more Russian oil, a day after it temporarily authorized India to buy from Moscow as global oil prices surged.

Source: Bangladesh Sangbad Sangstha March 09, 2026 04:04 UTC