Oil prices surged 30% on supply disruption fears, with benchmark crude surpassing $100 per barrel for the first time since Russia's invasion of Ukraine.

the benchmark price for a barrel of crude soared beyond $100 for the first time since Russia's invasion of Ukraine four years ago

Global oil prices rose to over $100 per barrel on March 8, as the war with Iran, Israel, and the United States escalates and expands across the Middle East. This marks the first time prices have passed the $100-per-barrel mark since Russia launched its full-scale invasion of Ukraine in 2022.

Brent futures, the global benchmark for oil prices, increased 16% on March 8, near to $108 a barrel.

U.S. oil futures rose 18%, to about $108 a barrel — the highest price since July 2022.

U.S. crude temporarily reached $110 a barrel the evening of March 8.

Brent crude reached $119 per barrel, highest since 2022 invasion