Global Oil Shock: Crude Nears $120 as Supply Cuts & Geopolitical Tensions Rattles Markets

Global crude oil prices spiked to nearly $120 per barrel on 9th March 2026, primarily driven by intensifying conflict in West Asia and subsequent supply disruptions. Brent crude surged to an intraday as high as $119.50 per barrel before easing to approximately $103–$107 following reports that G7 countries might release 400 million barrels from strategic reserves. This situation demonstrates a massive single-day jump of roughly 28-30%. This was witnessed as the sharpest increase since 2020. This is the first time where prices have crossed $100 since 2022. This price hike also impacted India severely. Regarding the import bill, analysts estimated that India could face an additional foreign currency outflow of $7–$8 billion per month.