Oil prices settle 8% higher, inch closer to $100 as Middle East war widens. $150 mark next?

March 7, 2026

Oil prices surged as the Israel-US-Iran conflict entered its eighth day, pushing Brent close to $100 per barrel amid fears of supply disruptions through the Strait of Hormuz. Analysts warn prolonged tensions could add a geopolitical premium to crude, with some projections pointing to potential prices of $150 per barrel.

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