LOADING ERROR LOADINGLONDON, March 9 (Reuters) - 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 disruptions gripped the market due to the expanding U.S.-Israeli war with Iran. Monday’s prices compare with all-time highs of around $147 a barrel for the contracts in 2008, according to LSEG data going back to the 1980s. That was well above its previous summit of around $23 in March 2022 in the early weeks of the Russia-Ukraine war. AdvertisementSaudi Aramco Starts Cutting Production, Sources SaySaudi Aramco has begun cutting output at two of its oilfields, sources said. Iraqi oil production from its main southern oilfields has fallen by 70%, sources said, with crude storage having reached maximum capacity.

Source: Huffington Post March 09, 2026 10:51 UTC