Brent crude topped $100 a barrel, first since 2022. The spike, tied to the US-Israeli war with Iran and shipping strain, triggered a broad risk-off move and pushed stock futures lower.
Asia’s main equity gauge sank as much as 5.4%, its biggest drop since April. South Korea fell more than 8% and Japan about 7%, while US and European index futures extended declines beyond 2.5%.
Brent jumped about 18% to around $109 a barrel, adding to last week’s 28% surge as the conflict entered a second week. Major producers began curbing output, and traffic through the Strait of Hormuz was effectively halted. The supply squeeze is colliding with a market already strained by AI-led sector rotations and credit jitters.
Brent crude just hit $111.04.
— Shanaka Anslem Perera ⚡ (@shanaka86) March 8, 2026
Not a rumor. Not an exaggerated viral claim. The day high on March 9, 2026 is $111.04, the 52 week high. It opened at $99.75, gapping up from Friday’s close of $92.69. It is currently trading at $106.97. Oil crossed $100 for the first time since… pic.twitter.com/auHUmwF5Ov
Brent crude jumped 15% intraday to $111.04 on Mar. 9, the highest since 2022, after strikes on Iran cut Strait of Hormuz tanker traffic by more than 90%. Oil is up 46% from Feb. 27, raising fresh inflation risk.
Treasuries sold off across the curve instead of catching a haven bid, with US 10-year yields turning higher for the year. Australia’s three-year yield hit its highest since 2011, and German bund futures slid toward a 15-year low. “The dollar is the biggest beneficiary,” said Carol Kong at Commonwealth Bank of Australia.
“People are going defensive,” said Jun Bei Liu of Ten Cap Investment, as investors try to judge how long the conflict lasts. Dave Mazza at Roundhill said the issue is no longer only Hormuz, but supply disruption spreading deeper into the region. If bonds fail as a refuge, where does capital hide?
Trump said oil prices will “drop rapidly” once the Iran nuclear threat is removed, calling the current jump a “small price to pay” for “safety and peace.”
Ed Yardeni said a crude shock can trigger a correction and turns darker if traders start to price stagflation. JonesTrading’s Michael O’Rourke said the “worst is yet to come” without tangible positive news. The next catalyst is any sign shipping lanes reopen or producers reverse cuts.
