U.S. crude oil broke $90 per barrel Friday after President Donald Trump demanded unconditional surrender from Iran, raising fears of a prolonged war that will cause a cascading disruption to global oil supplies.
West Texas Intermediate
futures were last up 11.27% to $90.14 per barrel, while global benchmark Brent
was 8.09% higher at $92.32. U.S. crude has gained nearly 35% this week, while Brent has advanced nearly 28%.
“There will be no deal with Iran except UNCONDITIONAL SURRENDER!,” Trump said in a social media post.
The U.S.-Iran conflict has spread across the Middle East, disrupting energy production and bringing traffic in the Strait of Hormuz, a critical shipping route, to a near standstill.
Qatar’s energy minister, Saad al-Kaabi, told The Financial Times Friday that crude prices could reach $150 per barrel in the coming weeks if oil tankers were unable to pass through the Strait. This could “bring down the economies of the world,” Kaabi said.
https://www.cnbc.com/2026/03/06/iran-us-war-oil-prices-brent-wti-barrel-futures.html