Oil surges above $100 a barrel; Trump says 'small price to pay' for defeating Iran

Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz

# Oil surges above $100 a barrel; Trump says 'small price to pay' for defeating Iran Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz **Read the full article:** [CNBC](https://www.cnbc.com/2026/03/08/crude-oil-prices-today-iran-war.html) *This article was originally published by CNBC. MoneyWiseInc provides expert curation of the best financial content from trusted sources.*