(09 Mar 2026, 14:10)

Brent crude oil spikes near four-year high after breaking above $100 per barrel

Global crude oil prices saw an insane spike today. The global benchmark Brent Crude jumped nearly $25 per barrel, or roughly 25%, to hit around four-year high of $119 per barrel. This spike marked one of the steepest single-session increases in oil prices in recent years as geopolitical tensions escalated. The spike in oil prices follows disruptions around the Strait of Hormuz, a maritime passage that handles nearly 20 million barrels of crude oil per day. This accounts for approximately 20% of global oil consumption and nearly one-third of seaborne oil trade. Brent crude is up 50% for this month even as it has come off the four-year highs in intraday moves and currently trades up 17% at $108.56 per barrel.

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