This is the biggest oil disruption in history | CNN Business

A historic disruption to the world’s oil production sent crude prices smashing through the $100 barrier Monday for the first time in nearly four years, before prices settled just below $100. As the war with Iran drags on, oil futures could have considerably more room to run even higher. In fact, oil prices very nearly hit $120 a barrel overnight before reports surfaced that Western nations would discuss steps to alleviate high fuel prices. That eased a bit of tension in the marketplace. US crude prices settled at $94.77 a barrel, up 4.3% Monday. Brent, the international benchmark, rose 6.8% to $98.96 a barrel. The last time oil had traded above $100 was in the wake of Russia’s attack on Ukraine. Oil broke above $100 in March 2022 and stayed around there until July 19, 2022. It hadn’t touched triple digits since. The war with Iran has sent oil prices higher for two primary reasons: a near shutdown of the Strait of Hormuz and a slowdown in oil production in the Middle East. The Strait of Hormuz is a narrow waterway through which 20% of the world’s oil travels via tankers. Iran has threatened to attack any tanker transiting the strait. That has led to a standstill in oil picku