The Middle East conflict has entered its tenth day, with global markets watching developments between Iran, the U.S., and Israel with bated breath. On Monday, March 9, 2026, oil prices surged again, intensifying an already historic rally in energy markets. West Texas Intermediate (WTI) jumped over 30%, while Brent crude rose nearly 27% — both benchmarks now trading above $118 per barrel.
Unprecedented Volatility
By 4:30 a.m. local time in Greece, WTI had climbed 30.04% to $118.21, and North Sea Brent rose 27.54% to $118.22. Oil breached the $100-per-barrel mark at the start of Asian trading — the first time since July 2022. Stock markets in Tokyo and Seoul plunged roughly 6% shortly after opening, reflecting deep investor anxiety.
Since the U.S. and Israel launched strikes against Iran, WTI prices have surged nearly 60% — an unprecedented gain over such a short period. Even Russia’s full-scale invasion of Ukraine in March 2022 — when oil briefly topped $130 per barrel — did not trigger such violent market swings.
At 2:35 a.m. Greek time, Japan’s Nikkei index fell 6.07% to 52,246 points, while the broader Topix index dropped 5.08%. In Seoul, the Kospi index slid 6.48% to 5,223 points — following sharp volatility earlier in the week.
‘A Small Price’
U.S. President Donald Trump struck a reassuring tone amid mounting concerns over soaring oil prices. In a post on Truth Social, he downplayed the significance of the spike, linking it directly to the Iran conflict and broader security issues.
“Short-term oil prices — which will fall quickly once the Iranian nuclear threat is neutralized — are a very small price to pay for the safety and peace of the United States and the world. Only fools would think otherwise!” he wrote.
Fuel Costs Rise Across the U.S.
The surge in oil prices is already impacting retail fuel costs across the United States. According to data from the American Automobile Association (AAA), gasoline prices rose by 47 cents per gallon — roughly 16% — in just one week following the onset of hostilities in Iran. The national average now stands at $3.45 per gallon — about $0.91 per liter, or €0.84.
This development contrasts sharply with Trump’s repeated campaign pledges to lower fuel prices — a promise now under growing scrutiny as geopolitical tensions drive energy costs upward.