International oil prices topped $100 per Barrel. The move is seen as driven by growing expectations of supply disruptions as geopolitical tensions from the Middle East escalate.
According to major foreign media including Bloomberg News, on the 8th (local time) Brent crude, the global benchmark, rose 16.19% to $107.70 per Barrel. West Texas Intermediate (WTI) rose 18.98% to $108.15. Bloomberg said it was the first time since July 2022 that WTI topped $100 per Barrel.
News of production cuts by major oil producers appears to have had an impact. Iraq, Kuwait and the United Arab Emirates said they would reduce output after tankers were unable to pass through the Strait of Hormuz to export because of threats from Iran. Kuwait on the 7th announced it had reduced crude production and refinery operations, citing "Iran's threats to the safe passage of ships through the Strait of Hormuz." The election of Mojtaba Khamenei as the third supreme leader by Iran's Assembly of Experts that day, heightening concerns about a prolonged war, was also reflected in oil prices.