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Oil Prices Surge Past $110 as Iran Conflict Disrupts Global Supply

Oil Prices Surge Past $110 as Iran Conflict Disrupts Global Supply

Author:

Global Cryptocurrency

Published:

2026-03-09 05:37:02

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BTCCSquare news:

Crude oil markets are reeling from one of the sharpest supply shocks in decades, with prices breaching $110 per barrel. West Texas Intermediate surged 26.5% to $116.62, while Brent crude climbed 23%—marking the largest weekly gain since record-keeping began in 1983. The last comparable spike followed Russia’s 2022 invasion of Ukraine.

The Strait of Hormuz, a critical chokepoint for 20% of global oil shipments, has effectively been sealed by the Iran conflict. Tankers are avoiding the route, and Gulf producers face storage bottlenecks. Iraq’s southern oilfields now operate at just 30% capacity, with output plunging from 4.3 million to 1.3 million barrels per day. Kuwait has joined the production cutbacks, exacerbating supply constraints.

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