India, March 9 -- Global oil prices surged past $114 per barrel on March 9, 2026, the highest level since 2022. This surge, driven by the escalating conflict involving the United States (US), Israel and Iran threatening oil production and shipping routes across West Asia, revives fears of a geopolitical supply disruption reminiscent of the global oil shocks of the 1970s and early 1980s.

The spike has drawn comparisons with the 1973 Oil Crisis, triggered during the Yom Kippur War, and the second oil shock that followed the Iranian Revolution and the Iran-Iraq War. The turmoil sharply reduced oil production in the region and drove crude prices to record levels by 1980, contributing to a period of high inflation, economic stagnation and rec...