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Oil prices soar close to $120, then retreat as Iran war intensifies

Oil prices soared sharply to approach $120 per barrel before falling back slightly on Monday as the Iran war intensified, threatening production and shipping in the Middle East and...

Mar 09, 2026 &03270909202631; 07:27 UTC www.dailysabah.com Trending 5/5

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Negative for markets

Sentiment score: -65/100

High impact Immediate effect (hours)

WHAT THIS MEANS

Oil prices surged toward $120/barrel amid escalating Iran tensions threatening Middle East production and shipping, though prices retreated slightly by market close. The geopolitical risk premium reflects immediate supply disruption concerns in a critical global energy region.

AI CONFIDENCE

85% Very high

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

⇅

Oil (WTI Crude)

CL=FCommodity

High volatility expected

Iran conflict threatens Middle East oil production and Strait of Hormuz shipping; prices volatile between $115-120 range

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Euro / US Dollar

EURUSDCurrency

Expected to decline

Oil price spike increases inflation concerns, supporting USD strength as safe-haven currency

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Euro Stoxx 50

^STOXX50EIndex

Expected to decline

European equities pressured by energy cost inflation and geopolitical risk

↓

S&P 500

^GSPCIndex

Expected to decline

US equities face headwinds from elevated oil prices impacting corporate margins and inflation expectations

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Gold Futures

GC=FCommodity

Expected to rise

Gold benefits from geopolitical risk premium and safe-haven demand

PRICE HISTORY

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⚡ SUGGESTED ACTION

Short energy-intensive European equities (^STOXX50E) and long defensive positions in gold (GC=F) and USD. Monitor oil volatility closely; consider hedging energy exposure or taking tactical long positions in crude if prices stabilize above $115.

KEY SIGNALS

Geopolitical risk premium in crude oilSupply disruption threat from Iran conflictStrait of Hormuz shipping vulnerabilityInflation expectations risingSafe-haven asset demand increasing

SECTORS INVOLVED

EnergyTransportationUtilitiesConsumer DiscretionaryFinancials

Analysis generated on Mar 09, 2026 at 14:42 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by Daily Sabah Economy. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

Oil prices soar close to $120, then retreat as Iran war intensifies

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