# Instant View: Oil surges 20% as Iran war fuels supply fears | Reuters

> Oil prices surged about 20% in early Asian trade on Monday, reaching their highest since July 2022. The rally followed the expanding US and Israeli war with Iran, which led some major Middle East producers to cut supplies.

- Date: 2026-03-09 · published 2026-03-09T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/5573-instant-view-oil-surges-20-as-iran-war-fuels-supply-fears-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Supply cuts from key Middle East producers tighten global crude markets and lift energy-linked costs. Higher energy prices feed into diesel, fertilizer and freight, raising feed production costs and supporting vegetable oil and biofuel-linked prices.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2026-03-09 | 5 | +33.1% | 6.2 | Oil jumped about 20% in early Asian trade on Middle East producer supply cuts. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-17 | [Oil surges 8% amid warnings of Russian supply shortages \| Reuters](https://feedsoft.ai/events/8482-oil-surges-8-amid-warnings-of-russian-supply-shortages-reuters.md) | +21.1% | +9.8% |
| WTI | 2026-03-07 | [US pump prices surge as Iran war upends global energy supply \| Reuters](https://feedsoft.ai/events/5531-us-pump-prices-surge-as-iran-war-upends-global-energy-supply-reuters.md) | +8.5% | +25.0% |
| WTI | 2026-03-19 | [Prices for oil, fuel cargoes smash record highs as Iran war chokes Middle East supply \| Reuters](https://feedsoft.ai/events/6637-prices-for-oil-fuel-cargoes-smash-record-highs-as-iran-war-chokes-middle-east.md) | -5.3% | -0.3% |
| WTI | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -8.1% | -22.7% |
| WTI | 2023-02-13 | [Oil edges higher as market weighs Russian supply cuts amid demand fears \| Reuters](https://feedsoft.ai/events/37491-oil-edges-higher-as-market-weighs-russian-supply-cuts-amid-demand-fears-reuters.md) | -4.3% | -6.3% |
| BRENT | 2022-03-17 | [Oil surges 8% amid warnings of Russian supply shortages \| Reuters](https://feedsoft.ai/events/8482-oil-surges-8-amid-warnings-of-russian-supply-shortages-reuters.md) | +23.0% | +7.3% |
| BRENT | 2026-03-19 | [Prices for oil, fuel cargoes smash record highs as Iran war chokes Middle East supply \| Reuters](https://feedsoft.ai/events/6637-prices-for-oil-fuel-cargoes-smash-record-highs-as-iran-war-chokes-middle-east.md) | -6.2% | -4.4% |
| BRENT | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -5.7% | -24.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/view-oil-surges-20-iran-war-fuels-supply-fears-2026-03-09/

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