On Friday, March 6, 2026, oil prices surged to a new record high of $90 per barrel
On Friday, March 6, 2026, oil prices surged to a new record high of $90 per barrel following the escalating conflict between Israel and Iran.
Brent crude was trading above $88 per barrel in the first week of March 2026, while the U.S. benchmark West Texas Intermediate climbed to $85.90 per barrel.
In the previous trading session, the contract initially rose to its highest level since June 2025 before retreating slightly, eventually closing 6.3% higher.
On Monday, the US and Israeli air campaign against Iran intensified, with Israel launching attacks in Lebanon and Iran responding with strikes on Gulf energy infrastructure and tankers in the Strait of Hormuz.
US-Israel-Iran Conflict: Brent crude oil price rises to $80 per barrel
Tankers and container ships are reportedly avoiding the waterway after insurers withdrew coverage for vessels operating in the area, while global oil and gas shipping rates have surged.
The latest rally has pushed oil toward its largest weekly gain in roughly four years.
The White House said it is exploring options to limit the economic fallout from rising oil prices. Officials have discussed potential measures aimed at easing pressure on consumers if prices remain elevated.
Concerns over transit through the waterway increased after Iranian media reported on March 2 that a senior official of the Islamic Revolutionary Guard Corps claimed the Strait of Hormuz had been closed and warned that Iran would fire on any vessel attempting to pass through.
Approximately 20% of the world’s oil and gas supply passes through the Strait of Hormuz.
SP/MA
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