US EditionOil Prices Hit $90 as Middle East Tensions Escalate
Disruptions in the Strait of Hormuz have cut crude exports by nearly 3 million barrels per day, pushing Brent crude above $85 and causing market volatility.
- On March 6, 2026, Brent crude climbed to $85.41 per barrel, touching a 52-week high of $85.85 during the session.
- Shipping through the Strait of Hormuz has ground to a halt amid strikes, Iranian crude exports have ceased since February 28, and Iraq has shut in about 1.5mn bpd.
- Kuwaiti and regional crude benchmarks surged, with Kuwaiti crude jumping to $92.81 per barrel on March 5, while overnight Brent futures traded at $83.49, U.S. West Texas Intermediate at $78.76, and U.S. crude settled at $81.01 on Thursday.
- On March 6, 2026, airline stocks tumbled after U.S. pump prices rose to $3.25 per gallon and the Dow dropped more than 1,100 points, reflecting market impacts.
- With Qatar halting LNG production, Saad al‑Kaabi warned on March 5 that crude could reach $150, while Scott Wren said, 'While further escalation remains a risk, we think the more likely outcome is an increase in market risk aversion that likely lasts only a short time.
23 Articles
23 Articles
Iran Conflict Boosts US Gulf Oil Prices to Highest Since 2020
U.S. Gulf Coast heavy grades continued to surge on Friday as the Iran conflict spurred several Middle Eastern producers of heavy crude to curtail production and drove buyers to scoop up U.S. barrels. Prices of Mars sour crude, the flagship crude produced in the U.S. Gulf of Mexico and favored by refiners globally, traded at a $11 premium to U.S. benchmark West Texas Intermediate (WTI) crude on Friday, brokers said. That was the highest since Apr…
Crude oil rallies on intensifying US‑Iran conflict, set for largest weekly gain since 2022
The US-Iran conflict has caused a significant spike in crude oil prices, with Brent crude rising 22% this week. The closure of the Strait of Hormuz disrupts global energy supplies, prompting warnings that prices could reach $150 per barrel if disruptions continue.
The Korea Times
Business RecorderOil set for steepest weekly gain since 2020 as Middle East conflict spreads
LONDON — Crude oil was set on Friday for its strongest weekly gain since the extreme volatility of the COVID-19 pandemic in spring 2020, as conflict in the Middle East kept shipping and energy exports through the vital Strait of Hormuz halted. Brent crude futures have surged nearly 22 percent this week, the biggest jump since May 2020 when a record OPEC+ production cut agreement prompted a recovery from pandemic lows. West Texas Intermediate has…
Gulf crude benchmarks surge as Kuwaiti oil jumps 10% and Brent nears $85 amid regional conflict
Kuwaiti crude jumps 10% to $92.81 per barrel as the Gulf conflict disrupts shipping through the Strait of Hormuz and threatens production across the region's energy exporters.
Oil set for steepest weekly gain since Ukraine invasion
US crude oil futures climbed more than 10% today, pulling closer to Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective closure of the Strait of Hormuz amid the expanding US-Israeli conflict with Iran.
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