Oil prices peaked above $114 per barrel on March 9 as the Iran war intensified, building on yesterday's surge past $110. Indian markets plunged amid fuel cost fears, while Asian governments rolled out measures to shield consumers from spiking prices.
Global oil prices hit new highs on March 9, 2026, with Brent crude surpassing $114 per barrel—the first time since 2022—and West Texas Intermediate briefly touching $119.48 before settling at $110.17, up 23% from Friday's $92.69 close.
The conflict, now in its second week after initial US and Israeli strikes over 10 days ago, saw Iran threaten full closure of the Strait of Hormuz, through which 20% of world oil flows. Tehran appointed Mojtaba Khamenei as supreme leader, succeeding his father Ali, underscoring hardliner control.
India bore heavy impacts: Sensex fell 3.16% to 76,424.55, Nifty 3.07% to 23,697.80. Refiners tanked—Indian Oil -6.6%, Hindustan Petroleum -7.5%, Bharat Petroleum -7.1%—with the rupee weakening 46 paise to 92.28/$.
Asian responses include Indonesia holding subsidized fuel prices through Eid al-Fitr, Japan tapping reserves to cap gasoline costs, South Korea imposing fuel price caps for the first time in 30 years, and Vietnam removing fuel import tariffs until late April. The US advised India to purchase Russian oil in transit. UBS noted oil marketers face negative leverage from the spike. Analysts caution prolonged war could fuel inflation, though prices may cap below $120-130 if infrastructure holds.
