# Oil jumps to 2022 high on Iran war, falls after close as Russia sanctions in doubt | Reuters

> Oil prices jumped about 7% on Monday to settle at their highest since 2022 as Saudi Arabia and other OPEC members cut supplies during the expanding U.S.-Israeli war with Iran. Prices fell after the close as doubts emerged over Russia sanctions.

- Date: 2026-03-08 · published 2026-03-08T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/5227-oil-jumps-to-2022-high-on-iran-war-falls-after-close-as-russia-sanctions-in
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Lost Middle East supply tightens global crude and fuel markets, raising costs for energy and feed transport and pushing up input costs for feed producers. Sanctions uncertainty on Russian barrels adds further upside risk.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2026-03-09 | 5 | +33.1% | 6.2 | Oil rose about 7% to a 2022 high as Saudi Arabia and other OPEC members cut supply. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-12-13 | [Oil up 2%, settles at 3-week high as more sanctions loom on Russia, Iran \| Reuters](https://feedsoft.ai/events/27116-oil-up-2-settles-at-3-week-high-as-more-sanctions-loom-on-russia-iran-reuters.md) | -0.2% | +11.4% |
| BRENT | 2025-10-23 | [Oil price jumps and FTSE 100 hits new high after Trump puts sanctions on Russian firms \| Oil \| The Guardian](https://feedsoft.ai/events/8132-oil-price-jumps-and-ftse-100-hits-new-high-after-trump-puts-sanctions-on.md) | +4.1% | +1.9% |
| BRENT | 2025-02-19 | [Oil holds near one-week high on supply concerns, sanctions on Russia eyed \| Reuters](https://feedsoft.ai/events/26210-oil-holds-near-one-week-high-on-supply-concerns-sanctions-on-russia-eyed-reuters.md) | -4.1% | -6.4% |
| BRENT | 2025-01-13 | [China, India seek new supplies as US sanctions tighten grip on Russian oil \| Reuters](https://feedsoft.ai/events/26685-china-india-seek-new-supplies-as-us-sanctions-tighten-grip-on-russian-oil.md) | +2.7% | -6.4% |
| BRENT | 2025-10-23 | [Putin defiant after Trump sanctions Russian oil companies over Ukraine \| Reuters](https://feedsoft.ai/events/8127-putin-defiant-after-trump-sanctions-russian-oil-companies-over-ukraine-reuters.md) | +4.1% | +1.9% |
| WTI | 2024-12-13 | [Oil up 2%, settles at 3-week high as more sanctions loom on Russia, Iran \| Reuters](https://feedsoft.ai/events/27116-oil-up-2-settles-at-3-week-high-as-more-sanctions-loom-on-russia-iran-reuters.md) | -0.2% | +13.0% |
| WTI | 2025-10-23 | [Oil price jumps and FTSE 100 hits new high after Trump puts sanctions on Russian firms \| Oil \| The Guardian](https://feedsoft.ai/events/8132-oil-price-jumps-and-ftse-100-hits-new-high-after-trump-puts-sanctions-on.md) | +3.3% | +1.6% |
| WTI | 2025-02-19 | [Oil holds near one-week high on supply concerns, sanctions on Russia eyed \| Reuters](https://feedsoft.ai/events/26210-oil-holds-near-one-week-high-on-supply-concerns-sanctions-on-russia-eyed-reuters.md) | -4.2% | -6.7% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/us-oil-prices-jump-supply-fears-amid-expanding-us-israeli-war-with-iran-2026-03-08/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.