Oil benchmarks climb as Middle East tensions push Brent to highest level since 2023

The U.S. Energy Information Administration’s latest Short-Term Energy Outlook highlights sharp gains in crude benchmarks as conflict in the Middle East disrupts supply routes. The spot price of Oil – Brent Crude climbed to $94 per barrel on March 9, roughly 50% above early-year levels, as flows through the Strait of Hormuz declined and some regional output went offline.

Over the past month, Brent has advanced about 13.6%, while Oil – US Crude is up approximately 18.3%, with both showing a 1-day technical stance of Hold and Hold, respectively. In contrast, Natural Gas has dropped about 13.3% over the month and carries a short-term technical signal of Sell, underscoring the divergence between oil’s geopolitical risk premium and weaker gas pricing. Investors can explore more updates, prices, and analysis across global markets at Commodities.