Energy and Environment

Oil tumbles below $100 a barrel, down 25% from peak

By Zach Halaschak

Published March 15, 2022 3:33pm ET

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Oil tumbles below $100 a barrel, down 25% from peak — A pump jack operates as the Sun begins to set on the western horizon Monday, March 7, 2022, near Pleasant Farms, an unincorporated community in southeastern Ector County, Texas. Oil prices are rising sharply again Tuesday as the U.S. prepares to ban crude oil imports from Russia in response to that country's unprovoked invasion of neighboring Ukraine. | (Jacob Ford/AP)

Oil is back below $100 a barrel after peaking at more than $130 per barrel just days ago amid the Russian war in Ukraine.

Futures for Brent crude, the global oil benchmark, fell nearly 7% to $99.50 a barrel on Tuesday morning, while the U.S. benchmark, West Texas Intermediate, tumbled by 7.4% to $95.38 — a major decrease from the $130 level WTI was at when Russia invaded Ukraine.

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China Gas Prices Oil Russia Russia-Ukraine War