News Capsule: Rising Crude Oil Prices
09-Mar-2026 11:58 AM
News Capsule: Rising Crude Oil Prices
★ Crude oil prices have surged due to the war in West Asia. Brent crude has crossed $100 per barrel for the first time in 3.5 years, reaching around $107.97 per barrel. Meanwhile, US crude oil (WTI) is trading near $103.65 per barrel.
★ The rise in oil prices is mainly due to disruptions in production and shipping caused by the conflict. Around 20% of the world’s oil supply (about 15 million barrels per day) usually passes through the Strait of Hormuz, but tanker movement has nearly stopped due to the threat of attacks.
★ Meanwhile, Iraq, Kuwait and the UAE have reduced production as export disruptions have led to rising storage levels, increasing concerns about supply. If oil prices remain above $100 per barrel for a prolonged period, it could put pressure on global inflation and economic activity.
★ If crude prices continue to rise, import and export costs may increase, which could eventually push up prices of agricultural commodities as well.