Escalating conflict in the Middle East has pushed international oil prices well above $100 per barrel

Verdict: ACCURATE

Reasoning:

• International oil benchmark Brent crude has risen above $100 per barrel for the first time in roughly four years due to escalating Middle East conflict¹.
• Oil prices reached as high as $119.50 per barrel on March 8, 2026, following U.S. and Israeli military actions against Iran that began on February 28¹.
• The international oil benchmark has remained above $100 per barrel since mid-March 2026, climbing from approximately $73 to $119 per barrel—a 65% increase².
• The Strait of Hormuz, through which one-fifth of the world's oil normally moves, has been effectively closed for over a week, preventing Persian Gulf fuel from reaching overseas markets¹.
• Prediction markets showed 100% probability that WTI crude would hit $100 during April 2026, indicating trader confidence that prices would remain elevated³.
• Analysts now view $100 as the "new floor" for oil prices in 2026 rather than a ceiling, with the market accepting triple-digit oil as normal⁴.

Overall validity: 95%