New Delhi, March 9 -- Oil smashed through $100 a barrel as more major Middle East producers curbed production, the Strait of Hormuz remained all but closed and the US threatened to deepen a conflict that has upended energy markets.

Brent spiked as much as 20% to $111.04 a barrel, the highest level since July 2022, while West Texas Intermediate jumped 22%. Kuwait and the United Arab Emirates have started reducing output as storage rapidly fills up due to the closure of Hormuz. Iraq began shutting in production last week.

The war in the Middle East is showing no signs of abating after US and Israeli strikes on Iran more than a week ago. The halt to shipping through Hormuz - a narrow waterway that normally handles a fifth of the world's oi...