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March 10, 2026

Oil prices spike as a war threatens both transport routes and production

By ALEX VEIGA and ELAINE KURTENBACH
AP Business Writers

Oil prices continued to soar on Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets.

The price for a barrel of Brent crude, the international standard, surged to as high $119.50 per barrel early in the day but later was trading above $101 per barrel, up 9%. West Texas Intermediate, the light, sweet crude oil produced in the United States, also soared above $119.48 per barrel before falling back closer to $100.


 
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