# Oil jumps to highest settlement since July 2022 as more Mideast supply disrupted | Reuters

> Oil prices jumped on Friday to their highest settlement since July 2022 after Iraq declared force majeure on all oilfields developed by foreign oil firms. The Iran war escalated as the U.S. prepared to send thousands of additional Marines and sailors to the Middle East. Brent settled at $112.19 a barrel and WTI front-month settled at $98.32.

- Date: 2026-03-20 · published 2026-03-20T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/6636-oil-jumps-to-highest-settlement-since-july-2022-as-more-mideast-supply
- 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

Loss of Iraqi supply from foreign-operated fields tightens global crude availability, lifting crude prices and raising costs for energy-linked feed inputs such as freight and fuel. Higher energy costs also feed through to grain and meal production and transport.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-03-03 | [Oil prices jump nearly 5%, settle at highest since January 2025 on Middle East conflict \| Reuters](https://feedsoft.ai/events/5229-oil-prices-jump-nearly-5-settle-at-highest-since-january-2025-on-middle-east.md) | +24.7% | +51.3% |
| BRENT | 2026-10-23 | [Oil prices jump $3 on Houthi attacks, oil spill, highest settlement since April By Reuters](https://feedsoft.ai/events/17214-oil-prices-jump-3-on-houthi-attacks-oil-spill-highest-settlement-since-april-by.md) | -1.7% | — |
| BRENT | 2024-04-26 | [Oil settles higher on supply concerns in the Mideast, economic woes subdue gains \| Reuters](https://feedsoft.ai/events/30632-oil-settles-higher-on-supply-concerns-in-the-mideast-economic-woes-subdue-gains.md) | -4.9% | -9.3% |
| BRENT | 2018-05-09 | [Oil jumps to highest since 2014 after US quits Iran deal](https://feedsoft.ai/events/65180-oil-jumps-to-highest-since-2014-after-us-quits-iran-deal.md) | +5.6% | -0.3% |
| BRENT | 2025-06-11 | [Oil prices jumps 4% to 2-month high as tensions rise in Middle East \| Reuters](https://feedsoft.ai/events/11156-oil-prices-jumps-4-to-2-month-high-as-tensions-rise-in-middle-east-reuters.md) | +14.7% | +5.4% |
| WTI | 2026-03-03 | [Oil prices jump nearly 5%, settle at highest since January 2025 on Middle East conflict \| Reuters](https://feedsoft.ai/events/5229-oil-prices-jump-nearly-5-settle-at-highest-since-january-2025-on-middle-east.md) | +33.1% | +46.3% |
| WTI | 2026-10-23 | [Oil prices jump $3 on Houthi attacks, oil spill, highest settlement since April By Reuters](https://feedsoft.ai/events/17214-oil-prices-jump-3-on-houthi-attacks-oil-spill-highest-settlement-since-april-by.md) | -1.0% | — |
| WTI | 2024-04-26 | [Oil settles higher on supply concerns in the Mideast, economic woes subdue gains \| Reuters](https://feedsoft.ai/events/30632-oil-settles-higher-on-supply-concerns-in-the-mideast-economic-woes-subdue-gains.md) | -5.2% | -8.5% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-falls-us-allies-look-boost-supply-unchoke-strait-hormuz-2026-03-20/

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