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Oil Approaches $120 as Tensions Rise in the Strait of Hormuz

March 9, 2026اقتصاد – الشروق أونلاينechoroukonline.comTranslated from Arabic
Oil Approaches $120 as Tensions Rise in the Strait of Hormuz

Oil prices surged by more than 25 percent to reach their highest levels since mid-2022, with Brent crude futures rising by about $24.96, or 27 percent, to $117.65 per barrel, while West Texas Intermediate crude increased by $25.72, or 28.3 percent, to $116.62 per barrel, marking the largest daily price jump ever. According to trading data, West Texas Intermediate crude rose by 31.4 percent, hitting a session high of $119.48 per barrel, while Brent crude reached $119.50, up 29 percent. This increase follows strong gains last week, with Brent crude rising by 27 percent, while WTI jumped...

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