"Oil prices on Sunday crossed into triple digits for the first time since 2022 — a stark sign of how the Iran war is throttling global supplies and raising consumers' costs.

The psychologically important $100-a-barrel mark is going to increase pain for consumers, many of whom don't support the war and didn't have any real warning that it was coming.

It's also a political setback for President Trump, who has relished in touting lower gasoline prices on his watch.

Trump wrote on Truth Social Sunday evening: "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!"

The global benchmark Brent crude was trading initially Sunday evening at $101.81, while WTI, the main U.S. metric, was at $101.56. Brent later climbed over $108.
Line graph showing Brent Crude Oil stock price rising hourly from about $84 on March 5 to $108.15 by 6pm March 8, 2026, with a sharp spike near the end."

Ben Geman reports for Axios March 8, 2026. [2]

SEE ALSO:

"Crude Prices Make Record Jump As Trump’s Measures Fail To Calm Markets" (Politico) [3]

"Iran War Drives Oil Prices Above $100 A Barrel For First Time Since 2022" (Guardian) [4]

"With Qatar’s Gas Shut Off, Western Energy Giants See a Big Payday" (New York Times) [5]

"Why US LNG Firms Stand To Profit From Iran War Fallout" (Canary Media) [6]

"US Lifts Some Restrictions On Russian Oil, Considers More Actions To ‘Unsanction’ It As Prices Spike" (The Hill) [7]

"Trump’s War on Iran Could Screw Over US Farmers" (WIRED) [8]