Oil soars above $100 as Iran war forces more production cuts

March 9, 2026

Breaking News

Oil smashed through $100 a barrel as more major Middle East producers cut output, with a standstill of tanker traffic through the vital Strait of Hormuz choking off supplies to the rest of the world.

Brent traded 11% higher around $103 a barrel, on course for the biggest daily gain in dollar terms since futures began trading in 1988.

Prices eased from almost $120 earlier as the world’s largest economies consider a coordinated release of emergency oil stockpiles, with Group of Seven finance ministers set to discuss the move later on Monday.

The war in the Middle East is showing no signs of abating after US and Israeli strikes on Iran more than a week ago, and the fallout is stoking fears of an inflation crisis.

The halt to shipping through Hormuz, a narrow waterway that normally handles a fifth of the world’s oil, along with attacks on key energy infrastructure have driven up prices of crude and natural gas. Yahoo Finance reports.

EdgeUp

💊 Hims & Hers stock rockets on reported end to Novo Nordisk weight loss drug dispute

Hims & Hers shares jumped nearly 50% in premarket trade on Monday after a report it has ended a dispute with Novo Nordisk by striking a partnership with the Danish drug giant.

Hims & Hers shares rose 47% to $23.17 as Bloomberg News, citing a person familiar with the matter, reported that the two companies will announce a deal to sell weight loss drugs on the Hims platform. MarketWatch reports.

💾 Micron technology stock week ahead: 6.7% slide puts March 18 earnings and AI demand in focus

Micron’s got its fiscal second quarter call coming up on March 18, so the next big test is not far off.

Friday saw shares slide after the US posted a surprise loss of 92,000 jobs in February, with oil surging over 12% and the Nasdaq sinking 1.59%.

The sector’s bullish momentum is not fading.

Marvell surged 18.4% by Friday’s close after projecting almost 40% revenue growth for fiscal 2028.

Over at Broadcom, executives are eyeing AI chip sales of more than $100 billion by 2027. Still growing massively, Marvell President and COO Chris Koopmans said of demand.

For Micron, that is key. It is one of just three big players making high bandwidth memory, or HBM, the high end chips crucial for feeding data to AI processors. TechStock² reports.

🚀 Starfighters space drops 5% overnight as fuel cost fears offset defense demand amid US Iran war

Starfighters Space Inc. shares dropped nearly 5% in Sunday overnight trading as the aerospace sector grapples with the fallout of intensifying Middle East conflicts and a sharp rise in jet fuel prices.

Despite a massive 16.64% surge during Friday's market session, Starfighters Space saw its momentum stall as investors shifted focus toward the economic reality of a prolonged US Iran conflict.

Brent and WTI crude prices have spiked, which initially fueled interest in defense stocks, but may now hinder operational profitability due to surging fuel costs.

Rothschild & Co Redburn recently highlighted this vulnerability within the aviation sector, noting that the Middle East conflict has introduced a major obstacle for airline carriers, as it could drive jet fuel prices higher, CNBC reported. Benzinga reports.

🛢️ Dow, S&P 500, Nasdaq futures tumble as oil prices surge to over $100 a barrel

US stock futures tumbled but were trimming losses on Monday on hopes for an easing in the oil supply squeeze, after crude prices surged past the $100 a barrel mark amid fears of a prolonged Middle East conflict.

Dow Jones Industrial Average futures were down 1.2% after plunging more than 1,000 points overnight. Contracts on the S&P 500 and the Nasdaq 100 sank 1% and 1.1%, respectively.

All three indexes had tanked more than 2% in earlier out of hours trading.

Oil prices were coming off earlier highs after spiking around 25% late Sunday to top $119 a barrel, reaching levels not seen since 2022.

The spike came as conflict in Iran spurred crude producing countries to cut output, already curbed by the virtual closure of the Strait of Hormuz shipping corridor.

Kuwait confirmed unspecified production cuts, while Iraqi output is reported to have plunged about 70%. Yahoo Finance reports.

🛍️ Shopify stock could rally 15% more as analyst sees boost from ChatGPT checkout rollback

OpenAI is tweaking ChatGPT’s e-commerce flow so that checkouts occur within partner apps plugged into ChatGPT, rather than directly inside the chatbot, as previously planned.

Jefferies believes Shopify could benefit from OpenAI’s decision to roll back plans to facilitate checkout within its ChatGPT chatbot, a move that could steer more customers and merchants toward Shopify’s solutions.

The Information reported on Wednesday that OpenAI is adjusting its commerce flow so checkouts happen inside specific apps connected to ChatGPT, instead of allowing users to purchase products directly from listings that appear in ChatGPT search results. StockTwits reports.

Top 5 Movers in Early Pre-Market

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Stock Analysis reports.

1) XENE: Xenon Pharmaceuticals Inc.
Total gain: +43.73%

2) HIMS: Hims & Hers Health, Inc.
Total gain: +41.17%

3) QURE: uniQure N.V.
Total gain: +35.95%

4) DNTH: Dianthus Therapeutics, Inc.
Total gain: +25.60%

5) AGH: Aureus Greenway Holdings Inc.
Total gain: +25.41%

Friday’s Biggest Movers

The closing price of the top three market percent gainers trading near or above $3 on March 6.
Stock Analysis reports.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) EDSA: Edesa Biotech, Inc.
Total gain: +80.61%
The stock appeared to be moving on no notable news.

2) CRE: Cre8 Enterprise Limited
Total gain: +72.90%
The stock appeared to be moving on no notable news.

3) DAWN: Day One Biopharmaceuticals, Inc.
Total gain: +65.88%
The company announced that they have entered into a definitive agreement for Servier to acquire Day One for $21.50 per share in cash, representing a total equity value of approximately $2.5 billion. The transaction remains subject to customary closing conditions and is expected to close in the second quarter of 2026. Globe Newswire reports.

Today’s Notable Earnings

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

LFMD: LifeMD
Q4 2025
After Market Close
Estimate: 0.020
Actual: N/A

FCEL: FuelCell Energy
Q1 2026
Before Market Open
Estimate: -0.930
Actual: N/A

CASY: Casey's General Stores
Q3 2026
After Market Close
Estimate: 2.990
Actual: N/A

Parting Thoughts

“Wide diversification is only required when investors do not understand what they are doing.”

– Warren Buffett

Sourced in: Berkshire Hathaway Shareholder Letters.

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