Crude oil rockets past $100 as markets lose hope for a quick resolution in Iran

A thick plume of smoke rises from an oil storage facility hit by a U.S.-Israeli strike late Saturday in Tehran, Iran, Sunday, March 8, 2026.

Brent crude reached its highest price since Russia invaded Ukraine in 2022. Gasoline prices in the U.S. are expected to continue to rise.

(Image credit: Vahid Salemi)