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

Prices that were hovering between $65.21 and $70.75 per barrel on February 26, 2026, a day before the US and Israel launched joint strikes on Iran, have rapidly climbed toward $120 per barrel. The price of Brent crude, the international benchmark, jumped above $114 after trading resumed, marking roughly a 23 per cent increase from March 6's closing price of $92.69.

The US benchmark West Texas Intermediate also climbed to around...