Oil prices surged past $100 per barrel for the first time since 2022, spiking near $120 per barrel on March 9 before falling back slightly.

Brent crude, the international standard, climbed to $119.50 per barrel, and the light, sweet crude oil produced in the United States, peaked at $119.48, both before nudging down slightly as the war on Iran entered its 10th day.

The last time Brent and US crude futures traded near these levels was in 2022 following Russia's full-scale offensive.

Analysts say the latest surge is driven by fears of supply disruptions in the Arabian Gulf and the Strait of Hormuz, as well as escalating military tensions in the region, including attacks on energy facilities.