LONDON, March 9 (Reuters) - Oil prices surged to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran.
Brent crude futures LCOc1 were up $12.77, or 14%, at $105.46 per barrel at 1126 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures were up $12.66, or 14%, at $103.56.
In a whiplash session, Brent had earlier hit a high of $119.50 a barrel, indicating its biggest-ever absolute price jump in a single day, and WTI reached $119.48 a barrel.
Brent has surged as much as 66% and WTI 77% since their last close before U.S. and Israel started attacks on February 28.
Monday’s prices compare with all-time highs of around $147 a barrel for the contracts in 2008, according to LSEG data going back to the 1980s.
