India, March 9 -- Oil prices surged past $100 per barrel for the first time since 2022 on Monday as investors braced for a potentially prolonged standoff in the Middle East and a global energy crisis.
Brent crude futures last traded up 15.2 percent at $106.77 a barrel after surging to a nearly four-year high above $119 a barrel earlier following production cuts by major Middle Eastern producers-including Kuwait, Iran, and the United Arab Emirates-after the closure of the Strait of Hormuz.
WTI crude futures for April delivery were up 13.2 percent at $102.94 after hitting an intraday high of $119.43 a barrel.
Tensions in the Gulf escalated following reports of explosions at Al Udeid Air Base, the largest United States military installation...