%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment American oil prices are spiking on March 9 as the Middle East war with Iran intensifies, approaching $120 U.S. a barrel and sending stocks around the world crashing down. West Texas Intermediate (WTI) crude oil rose as high as $119 U.S. a barrel over the last 24 hours, while international benchmark Brent crude traded up 13% to $104.76 U.S. per barrel. The Group of Seven finance ministers were expected to hold a call on March 9 to discuss the idea of tapping their crude oil reserves, as well as the broader impact of the war. This is the first time crude oil has been above the $100 U.S. level since 2022, when Russia first invaded Ukraine. Oil prices are soaring after major Middle East producers slashed their output due to the ongoing war with Iran and closure of the Strait of Hormuz waterway that connects with Asia. The ongoing war shows little signs of a quick end after Iran named Ayatollah Khamenei's son, Mojtaba, as its new supreme leader. The son is seen as a hardliner, like his father. U.S. stock markets are down sharply on March 9 after coming off their worst weekly decline since U.S. President Donald Trump first announced his tariff regime in April of last year.