India, March 9 -- Global oil prices surged past $114 per barrel on March 9, 2026, the highest level since 2022, as the escalating war involving Iran threatened oil production and shipping routes across West Asia, raising fears of a prolonged global energy supply disruption.

The price of Brent crude, the international benchmark, jumped above $114 after trading resumed, marking a roughly 23 per cent increase from March 6's closing price of $92.69. US benchmark West Texas Intermediate (WTI) crude also climbed to around $114 per barrel, about 25 per cent higher than its March 6 close of $90.90.

The surge followed sharp gains last week, when US crude prices jumped 36 per cent and Brent crude rose 28 per cent amid intensifying conflict in the...