U.S. oil prices vaulted above $100 a barrel Sunday for the first time since the fallout of Russia’s war on Ukraine. Crude prices more than doubled, contributing to recessions in the U.S. and arguably spelling the end of Jimmy Carter’s presidency. In the weeks before the latest attacks, a certain degree of complacency had taken hold in global oil markets. Gulf oil producers were reassured by U.S. officials that retaliatory attacks on their soil, if they were to happen, would likely be limited to U.S. bases, according to Arab Gulf officials. The Treasury Department eased sanctions on Moscow’s crude to give India an alternative to oil stuck in the Gulf.

Source: Wall Street Journal March 09, 2026 09:22 UTC