Oil and gas prices surged Monday as the Middle East war roils energy markets, forcing major producers to shut down output while the Strait of Hormuz remains effectively closed. The global benchmarks reached their highest levels since 2022 earlier in the session, touching $119.50 and $103.67 a barrel, respectively. Over the weekend, Kuwait began cutting production at some oil fields, becoming the latest regional supplier to rein in output after Iraq and Qatar. “The combination of these production shut-ins and no signs of de-escalation in the war means the market is having to aggressively price in a prolonged supply disruption,” said Warren Patterson, head of commodities strategy at ING. European LNG prices climbed 67% last week, the largest weekly gain since the energy crisis in 2022.

Source: Wall Street Journal March 09, 2026 13:39 UTC