New Delhi, March 9 -- Oil prices surged to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruption gripped the market due to the expanding U.S.-Israeli war with Iran.

Brent crude futures were up $8.77, or 9.46%, at $101.46 per barrel at 1339 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up $7.92, or 8.71%, at $98.82.

In a whiplash session, Brent had earlier hit a high of $119.50 a barrel, indicating its biggest-ever absolute price jump in a single day, and WTI reached $119.48 a barrel.

Brent has surged as much as 66% and WTI 77% since their last close before U.S. and Israel launched attacks on February 28.

Monday's pri...