Crude Oil Price Surges Past $100 Amid Dramatic Market Volatility

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Crude Oil Soars Past $100 Amid Iran War: A Decade of Volatile Swings

A gas pump is inserted inside an Audi vehicle at a Mobil gas station in Beverly Boulevard in West Hollywood, California, US. File image/Reuters

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Firstpost•09-03-2026, 09:25

Crude Oil Soars Past $100 Amid Iran War: A Decade of Volatile Swings

•WTI crude oil tops $100 following US military action against major producer Iran, marking the latest dramatic price swing.
•Oil prices previously surged above $100 in Feb 2022 after Russia's Ukraine invasion, with Brent reaching $139.13 and WTI $130.50.
•In 2020, during the Covid pandemic, WTI briefly turned negative (-$40.32) due to demand collapse and storage issues.
•Historical highs include $147 in 2008 due to falling US stockpiles, Chinese demand, and unrest, before plummeting to $36.
•Other spikes: 2012 (Iran crude embargo, Syria conflict) and 2011 (Arab Spring unrest in West Asia/North Africa).

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