Crude oil prices surpass $100 a barrel as the Iran war impedes production and shipping

CHICAGO (AP) — Oil prices eclipsed $114 per barrel for the first time since 2022 on Monday as the Iran war intensified, threatening production and shipping in the Middle East.

The price for a barrel of Brent crude, the international standard, surged past $114 after trading resumed on the Chicago Mercantile Exchange. That was up 23% from its Friday closing price of $92.69.

West Texas Intermediate, the light, sweet crude oil produced in the United States, also was selling for about $114 a barrel. That’s 25% higher than its close Friday at $90.90.

The war’s toll on civilian targets grew early Monday as Bahrain accused Iran of striking a desalination plant vital to drinking water supplies, and oil depots in Tehran smoldered following overnight Israeli strikes.

The increases followed the U.S. crude price jumping by 36% and Brent crude rising by 28% last week. Oil prices have surged as the war, now in its second week, ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.

Roughly 15 million barrels of crude oil — about 20% of the world’s oil — typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy. The threat of Iranian missile and drone attacks has all but stopped tankers from traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.

Iraq, Kuwait and the UAE have cut their oil production as storage tanks fill due to the reduced ability to export crude. Iran, Israel and the United States also have attacked oil and gas facilities since the war started, exacerbating supply concerns.

The last time Brent and U.S. crude futures traded near the current level was in 2022, after Russia invaded Ukraine.

The global surge in oil prices since Israel and the U.S. attacked Iran on Feb. 28 has rattled financial markets, sparking worries that higher energy costs will fuel inflation and lead to less spending by U.S. consumers, the main engine of the economy.

Tokyo's benchmark Nikkei 225 index plunged more than 7% early Monday, while other markets also foundered.

In the U.S., a gallon of regular gasoline rose to $3.45 on Sunday, about 47 cents more than a week earlier, according to AAA motor club. Diesel was selling for about $4.60 a gallon, a weekly increase of about 83 cents.

Energy Secretary Chris Wright, speaking on CNN’s “State of the Union,” said U.S. gas prices would be back under $3 a gallon “before too long.”

“Look, you never know exactly the time frame of this, but, in the worst case, this is a weeks, this is not a months thing,” Wright added.

If oil prices stay above $100 per barrel, some analysts and investors say it could be too much for the global economy to withstand.

Iranian authorities said strikes by Israel on oil depots in Tehran and a petroleum transfer terminal early Sunday killed four people. Israel’s military said the depots were being used by Iran’s military for fuel to launch missiles. Mohammad Bagher Qalibaf, the speaker of Iran’s parliament, warned that the war’s impact on the oil industry would spiral.

Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran’s exports are disrupted, another factor that could increase energy prices.

The price of natural gas also has climbed during the war, though not by as much as oil. It was selling for about $3.33 per 1,000 cubic feet late Sunday. That’s 4.6% higher than its Friday closing price of $3.19, after rising about 11% last week.

U.S. stock index futures, a bellwether for the market, fell late Sunday, pointing to Wall Street's main indexes opening down on Monday. The future for the S&P 500 was down 2.2%, while the Dow’s fell 2.3%. The future for the Nasdaq composite was down 2.6%.

On Friday, the S&P 500 dropped 1.3% and the Dow plunged as many as 945 points before finishing with a loss of roughly 450. The Nasdaq composite sank 1.6%.

This story has been corrected to show that the Israel-U.S. attacks on Iran started Feb. 28, not March 1.

Fuel prices are shown on a gas pump at a filling station in Richardson, Texas, Friday, March 6, 2026. (AP Photo/Tony Gutierrez)

A person fills up their car at a gas station in Montreal on Thursday, March 5, 2026. (Christopher Katsarov /The Canadian Press via AP)

Gas prizes are displayed at a gas station with the European Central Bank in background in Frankfurt, Germany, Monday, March 2, 2026. (AP Photo/Michael Probst)

Fuel prices are displayed at a gas station as cars drive by, Wednesday, March 4, 2026, in Baltimore. (AP Photo/Stephanie Scarbrough)

A thick plume of smoke rises from an oil storage facility hit by a U.S.-Israeli strike late Saturday in Tehran, Iran, Sunday, March 8, 2026. (AP Photo/Vahid Salemi)

Minkah Fitzpatrick is coming home and filling a major need for the New York Jets.

The three-time All-Pro and five-time Pro Bowl safety and New Jersey native is being acquired by the Jets from the Miami Dolphins, two people with knowledge of the deal told The Associated Press on Monday. One of the people said New York will sign Fitzpatrick to a three-year, $40 million contract extension.

The Jets will send a seventh-round pick in this year's draft to the Dolphins in the deal, according to the people who spoke to the AP on condition of anonymity because the trade can’t become official until the start of the NFL’s new league year on Wednesday.

The deal, first reported by ESPN, should immediately help the Jets, who became the first team in NFL history to go an entire season without an interception.

The 29-year-old Fitzpatrick, who had one year left on his contract with the Dolphins worth a non-guaranteed $15.6 million, was born in Old Bridge, New Jersey, and went to high school in Jersey City — about 25 miles from the Jets' training facility in Florham Park and less than 10 from MetLife Stadium, his new playing home.

It's the second major trade this offseason for the Jets, who are looking to upgrade their defense in coach Aaron Glenn's second season. New York acquired nose tackle T'Vondre Sweat from Tennessee for edge rusher Jermaine Johnson last month.

Glenn fired defensive coordinator Steve Wilks with three games left in the season and hired Brian Duker in January to oversee the defense, but he said he would call the plays this coming season. Duker and new safeties coach Ryan Slowik both came from Miami's staff and have familiarity with Fitzpatrick.

Safety was an area the Jets were expected to address in free agency, with Malachi Moore — who was solid in 14 starts as a rookie — the only player on the roster with significant playing time. Andre Cisco and Tony Adams, both of whom have been starters, are set to be free agents.

Fitzpatrick has 21 career interceptions, although he had only one in 14 games this past season for the Dolphins.

The deal comes on a day Miami announced it is moving on from Tua Tagovailoa as its quarterback. The team announced that Tagovailoa, who has been the main starter for the last 5 1/2 seasons, would be released.

Fitzpatrick was the 11th overall pick by the Dolphins in 2018 out of Alabama, where he helped the Crimson Tide win two national titles. He was traded by Miami two games into his second season to Pittsburgh, where he became one of the top players in the league at his position.

Fitzpatrick spent most of six seasons with the Steelers, making the All-Pro team three times while picking off 18 passes during that time. He became the NFL's highest-paid safety in 2022, when he signed a four-year, $73.6 million extension with the Steelers.

Fitzpatrick was traded back to the Dolphins last June in a blockbuster deal, going to Miami along with a 2027 fifth-round pick for cornerback Jalen Ramsey, tight end Jonnu Smith and a 2027 seventh-rounder.

AP Sports Writers Tim Reynolds and Alanis Thames contributed to this report.

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FILE - Miami Dolphins safety Minkah Fitzpatrick runs onto the field during player introductions before an NFL football game against the Buffalo Bills, Nov. 9, 2025, in Miami Gardens, Fla. (AP Photo/Doug Murray)