Oil Rockets to $120 High in Historic One-Day Surge

Brent crude oil futures exploded higher on March 9, 2026, hitting an intraday peak of $119.50 per barrel before pulling back amid wild swings triggered by the escalating Iran conflict disrupting Gulf production and Strait of Hormuz shipping lanes.

As of the latest midday updates, the benchmark May 2026 contract was trading in the $107–$109 range, with real-time quotes showing approximately $107.80 to $108.50 per barrel, reflecting gains of 15–17% from Friday’s close of $92.69. Some platforms reported levels as high as $114–$116 in early Asian and European sessions, while others captured the session high near $119.40–$119.50 before moderate profit-taking set in.

This marks Brent’s most violent single-day move in recent memory, with the price briefly surging as much as 29% intraday before stabilizing above the psychologically critical $100 level for the first time since 2022. The rally builds on last week’s already sharp gains, pushing the contract well into triple-digit territory amid fears of prolonged supply shocks from halted tanker flows, Iraqi output collapses, and precautionary cuts by other Gulf producers.

Markets have eased slightly from extremes following hints of potential G7 emergency reserve discussions, but volatility remains extreme as traders brace for any fresh military developments or infrastructure damage in the region. Analysts caution that sustained disruptions could drive prices toward $140 or beyond in worst-case scenarios.

For Pakistan, the surge heightens pressure on upcoming fuel price reviews, with petrol and diesel likely facing upward adjustments in the coming weeks depending on rupee stability and government subsidies.