Oil Prices Surge to $100+ as Iran War Impacts Supply

0:00On March 8, oil prices topped $100 per barrel today for the first time in over three and a half years. The surge ties directly to the war involving Iran, which is slowing oil production and blocking key shipping lanes across the Middle East. Brink Crude, the main global benchmark, climbed to $101.19 soon after trading restarted on the Chicago mercantile. Exchange, that's a sharp 9.2% rise from Friday's close of $92.69. West Texas Intermediate, the U.S. Standard for Light Sweet Crude, reached $107.06, a 16.2% leap from its Friday settlement of $90.90. Prices could swing either way through the session, so markets will keep a close watch on Middle East tensions and supply updates.