Oil Prices Surge Past $90 as Iran–US War Threatens Gulf Supply

Global benchmark Brent crude climbed above $90 per barrel on Friday, as escalating tensions between Iran and the United States rattled energy markets and raised fears of major supply disruptions in the Middle East.

The sharp rise came after Qatar’s energy minister warned that the ongoing conflict in the region could halt oil exports from Gulf countries within days, sending shockwaves through global markets that rely heavily on the region’s crude shipments.

According to data reported by CNBC, Brent crude futures jumped 5.41% to $90.03 per barrel, marking a significant surge amid mounting geopolitical risks. Meanwhile, U.S. West Texas Intermediate (WTI) crude posted an even steeper gain, rising 8.02% to $87.51 per barrel.

Latest Oil Prices: 

WTI Crude • 90.48 +9.47 +11.69%

Brent Crude • 92.54 +7.13 +8.35%

Murban Crude • 102.2 +7.68 +8.13%

Louisiana Light • 84.88 +6.30 +8.02%

Bonny Light • 78.62 -2.30 -2.84%

Opec Basket • 90.10 +7.23 +8.72%

Mars US • 69.53 -0.85 -1.21%

Gasoline • 2.734 +0.063 +2.37%

Natural Gas • 3.203 +0.200 +6.66%

The rally in oil prices follows the rapid expansion of hostilities between the United States and Iran across the Middle East, raising the possibility of disruptions to key energy infrastructure and transportation routes.

Market concerns intensified as the conflict began to affect energy production and maritime activity, particularly in the Strait of Hormuz, one of the world’s most critical oil shipping chokepoints.

Roughly one-fifth of global oil supply passes through the narrow waterway linking the Persian Gulf with international markets. Any prolonged disruption there could send prices soaring further and tighten global energy supplies.

Shipping Through Hormuz Nearly Halted

Reports indicate that shipping traffic through the Strait of Hormuz has slowed to near standstill, as security risks mount and insurers raise premiums for vessels operating in the region.

Energy analysts warn that if the conflict continues to escalate, global oil markets could face severe supply shortages, potentially driving prices significantly higher in the coming weeks.