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Brent opened on Monday, March 9, at $108.5 per barrel (at the time of publication it's quoted at $105.17 per barrel, the price is constantly being adjusted), up 17% from a week earlier. West Texas Intermediate stands at $104.9, +15%. These are the highest levels since 2022, when the Russian invasion of Ukraine disrupted global energy markets. This time around, the catalyst is the war in Iran.
What caused prices to rise?
Over the weekend, Israeli forces struck some 30 oil storage sites and installations in Tehran, in an offensive that exceeded Washington's expectations, according to Axios.
The attacks worsened the already existing blockade in the Strait of Hormuz, the passageway through which about a fifth of the world's oil production passes. Shipping traffic has been virtually at a standstill for a week: some cargoes destined for Europe have been reversed, insurance premiums for the 'war risk' on oil tankers have abruptly risen to record levels.
The reaction of the G7
Overnight, oil prices ticked up to $137, only to fall back a bit after the announcement of an emergency G7 meeting, called for 2:30 p.m. According to the Financial Times, the most industrialized countries are considering a coordinated release of 300 to 400 million barrels from strategic reserves, overseen by the International Energy Agency. It would be the sixth time in the IEA's history that this has happened.
(©GreenMe.it 2026 / Managing Editor: Julie Morgan - The Press Junction / Picture: ©Venti Views via Unsplash)