Breaking News: Oil Price Surpasses US$113 per Barrel
Jakarta, CNBC Indonesia - Global oil prices surged sharply during morning trading on Monday, 9 March 2026. As of 09:20 WIB, Brent crude was recorded at US$113.68 per barrel, whilst West Texas Intermediate (WTI) stood at US$113.25 per barrel. This surge extends the extreme rally that has been underway since the end of February.
Price movements demonstrate an exceptionally rapid acceleration over the past fortnight. Brent, which stood at US$70.85 per barrel on 25 February, rose modestly to US$72.48 (27 February) before jumping to US$77.74 (2 March) and US$81.40 (3-4 March).
The rally then intensified sharply, with prices touching US$85.41 (5 March), surging to US$92.69 (6 March), and finally breaching US$113.68 this morning. WTI moved similarly, from US$65.42 on 25 February to US$113.25 today.
This surge extends the oil rally following last week’s recording of American crude oil surging approximately 35% in a single week, described as the largest weekly gain in the history of futures trading since 1983.
Geopolitical tension emerged as the primary trigger for the price spike. The conflict between Israel, the United States, and Iran has sparked serious concerns about global energy supplies, particularly given its impact on the Strait of Hormuz, a vital pathway for global oil shipments. Approximately 20% of global oil consumption typically transits through this narrow strait.
Several Middle Eastern producers have also begun reducing production. Kuwait, the fifth-largest oil producer in OPEC, announced production and refinery output reductions as a precautionary measure following Iran’s threats to shipping security in the Strait of Hormuz.
Supply disruptions have also emerged from Iraq. Three industry officials told Reuters that production from three major oil fields in southern Iraq has declined approximately 70% to just 1.3 million barrels per day. Prior to the escalation of the conflict, these fields produced approximately 4.3 million barrels per day.
Meanwhile, the United Arab Emirates stated it is managing offshore oil production cautiously. Abu Dhabi’s national oil company, the Abu Dhabi National Oil Company (ADNOC), stated that onshore production operations remain normal, though storage capacity has become a concern due to distribution disruptions.
From a technical perspective, market analysts see potential for the oil rally to continue. In Reuters analysis, Brent prices could move towards the range of US$120 to US$128 per barrel, whilst WTI could approach the 2022 peak level around US$130.50 per barrel, should the current geopolitical crisis persist.
Nevertheless, the US government remains optimistic that the situation in the Strait of Hormuz could improve soon. US Energy Secretary Chris Wright stated that tanker traffic is expected to return to normal within the coming weeks following the weakening of Iran’s capability to threaten vessels. However, he cautioned that current energy market conditions remain far from stable.