- Brent and WTI crude prices almost hit $120 respectively - highest since June 2022; Bybit Learn cited prospects of triple-digit oil since last week (Tue, Mar 3)
- $100 oil driven by Middle East conflict - Strait of Hormuz's tanker traffic at near-halt; Iraq, Kuwait, and UAE begin slashing oil output
- Oil shock may lead to stagflation (high inflation, slow/no growth), prevent Fed rate cuts, force ECB rate hike
- $100 oil in 2026 is fundamentally worse than in 2022: no substitute for Strait of Hormuz, joint release of G7 strategic reserves may only offer temporary relief
- Bloomberg Intelligence expects $133 WTI Crude if Strait of Hormuz is fully blocked for extended period
Oil prices have exploded past $100 per barrel for the first time since 2022!
Brent crude (Bybit: UKOUSD) - the global oil benchmark - even surged as high as $119.713 on Monday before settling around $107 at the time of writing.