# Oil prices surge 20% as expanding US-Israeli war with Iran cuts supplies from Mideast - CNA

> Oil prices surged about 20% on Monday to their highest since July 2022 as the expanding US-Israeli war with Iran disrupted Middle Eastern supplies. Iraq and Kuwait began cutting output after Qatar reduced LNG shipments, and analysts expect the UAE and Saudi Arabia to follow as storage fills. Brent and WTI both traded above $107 a barrel.

- Date: 2026-03-08 · published 2026-03-08T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/6784-oil-prices-surge-20-as-expanding-us-israeli-war-with-iran-cuts-supplies-from
- 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), [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

Lost Middle East crude and fears of prolonged Strait of Hormuz disruption push energy costs sharply higher, raising diesel and transport costs for feed mills and farms. Higher energy prices also tend to lift biofuel-linked demand for vegetable oils and corn, supporting feed ingredient prices.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2026-03-09 | 5 | +33.1% | 6.2 | Prices surged about 20% as Iraq and Kuwait cut output and storage filled, adding to the supply shock. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-03-01 | [Oil and gas prices surge as Iran war disrupts Middle Eastern output \| Reuters](https://feedsoft.ai/events/5228-oil-and-gas-prices-surge-as-iran-war-disrupts-middle-eastern-output-reuters.md) | +35.6% | +50.4% |
| 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 | 2026-08-31 | [Oil prices jump 4% as fresh US-Iran fighting stokes supply fears](https://feedsoft.ai/events/18067-oil-prices-jump-4-as-fresh-us-iran-fighting-stokes-supply-fears.md) | +9.6% | +4.0% |
| WTI | 2026-08-31 | [Oil prices rise as latest US-Iran fighting resurrects Middle East supply disruption risks - The Business Times](https://feedsoft.ai/events/18053-oil-prices-rise-as-latest-us-iran-fighting-resurrects-middle-east-supply.md) | +8.6% | +10.4% |
| 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% |
| BRENT | 2026-03-01 | [Oil and gas prices surge as Iran war disrupts Middle Eastern output \| Reuters](https://feedsoft.ai/events/5228-oil-and-gas-prices-surge-as-iran-war-disrupts-middle-eastern-output-reuters.md) | +31.0% | +62.6% |
| BRENT | 2025-06-17 | [Diesel Prices Surge as Israel-Iran War Pressures Market - TT](https://feedsoft.ai/events/8385-diesel-prices-surge-as-israel-iran-war-pressures-market-tt.md) | -1.7% | -5.5% |
| 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% |

## Sources

- channelnewsasia.com: https://www.channelnewsasia.com/business/oil-prices-surge-20-expanding-us-israeli-war-iran-cuts-supplies-mideast-5980331

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