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CommoditiesHigh Impact•8 March 2026•

1 min read

Crude Oil Prices Skyrocket to $115 Amid Iran Escalation and Unexpected Supply Cuts

Map of the Middle East with fighter jets, missiles, oil barrels, gold bars, oil rigs, and stock charts under a fiery sky.

Key Facts

1WTI crude oil price soared to $115 while Brent reached $117 in weekend trading.

2Kuwait and the UAE slashed their oil production output unexpectedly.

Crude oil prices witnessed a massive surge over the weekend, with WTI jumping to $115 and Brent reaching $117 per barrel. This significant price action followed unexpected production cuts by major OPEC members, specifically Kuwait and the United Arab Emirates. Adding to the market volatility, geopolitical tensions escalated sharply as the conflict in Iran intensified. Reports indicate that Tehran has rejected demands for unconditional surrender, fueling fears of prolonged supply disruptions in the region. Analysts view this 28% jump from Friday's close as a high-impact event for global energy markets. Consequently, energy-related instruments and major oil companies are expected to see heightened volatility in the coming sessions. The situation remains fluid as markets react to the combination of supply constraints and active warfare.