By Auzinea Bacon, David Goldman, CNN(CNN) — The price of oil surged past $100 per barrel on Sunday, the first time it crossed that mark since Russia’s 2022 invasion of Ukraine. Iran has threatened to attack any oil tanker passing through the Strait of Hormuz, through which 20% of the world’s oil transits. US oil futures rose 18% to about $108 a barrel, their highest level since July 19, 2022. Surging oil prices have weighed heavily on stocks in recent days, as traders fear that a prolonged spike in fuel prices could lead to another spike in inflation and hurt the economy. “Iran will not give up control of the Strait of Hormuz until it achieves its desired results,” the official said.

Source: CNN March 08, 2026 23:14 UTC