Commodities: Oil Surges Above $100 Amid Middle East Disruptions

2026-03-09 00:28:00 ET

By Warren Patterson , Head of Commodities Strategy

Oil market starts pricing in longer supply disruption

Oil prices skyrocketed this morning, with ICE Brent ( CO1:COM ) making easy work of $100/bbl and trading as high as $111/bbl. Over the weekend, there were no signs of de-escalation. If anything, the situation appears to be deteriorating further. In addition, upstream oil production has started to shut in, with producers facing storage constraints. Iraq, Kuwait, and the UAE began reducing oil production. Iraq, the first to start cutting supplies last week, has reportedly reduced output by around 1.5m b/d. Meanwhile, over the weekend, Kuwait reportedly cut output by as much as 300k b/d....

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