Energy prices soar to levels not seen in years as Iran names new supreme leader and digs in

By ALEX VEIGA and ELAINE KURTENBACH Updated 4:22 AM PDT, March 9, 2026 Oil prices spiked near $120 per barrel before falling back 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 $119.50 per barrel early in the day but later was trading near $106 per barrel, up 14%, before the opening bell. West Texas Intermediate, the light, sweet crude oil produced in the United States, soared above $119.48 per barrel but fell back closer to $103. The war’s t

By ALEX VEIGA and ELAINE KURTENBACH Updated 4:22 AM PDT, March 9, 2026 Oil prices spiked near $120 per barrel before falling back 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 $119.50 per barrel early in the day but later was trading near $106 per barrel, up 14%, before the opening bell. West Texas Intermediate, the light, sweet crude oil produced in the United States, soared above $119.48 per barrel but fell back closer to $103. The war’s t