Brent crude oil price approaches $90 a barrel amid escalation in the Middle East, according to Bloomberg
Brent crude, the global benchmark for oil, hit $90 a barrel for the first time in almost two years on Friday (March 6, 2026), as reported by Bloomberg. The jump reflects the impact of the war in the Middle East, with the near-total paralysis of traffic in the Strait of Hormuz, disruptions in the flow of oil from the Gulf, and fears of even tighter global supplies.
- The price of Brent crude oil futures hit US$90 per barrel on Friday, marking the highest level in almost two years, as reported by Bloomberg. The explosive surge comes in response to the virtual paralysis of maritime traffic in the Strait of Hormuz, the main oil export route from the Persian Gulf, exacerbated by the escalating conflict involving Iran, the United States, and Israel. According to market data compiled by Bloomberg and ICE Futures, the May Brent contract rose more than 8-9% on the day, surpassing the $90 mark for the first time since late 2023 or early 2024 (depending on the exact reference).
- The intraday peak reached values close to or above $94 at times, before stabilizing around $92-93 per barrel at the close. WTI (West Texas Intermediate), the American benchmark, surpassed US$90, with record weekly gains of up to 35% for the futures contract, the largest since 1983. The surge is directly attributed to the war in the Middle East, which entered its second week with direct Iranian attacks against facilities and ships in the Gulf, including bombings of assistance tugs and disruptions at export terminals.
- The Strait of Hormuz, through which about 20-30% of globally traded oil passes, is experiencing near-zero naval traffic, with hundreds of tankers anchored or diverted to alternative routes via the Red Sea, increasing logistical costs and risk premiums. Analysts quoted by Bloomberg highlight that the market is pricing in not only the immediate geopolitical risk, but also the possibility of prolonged supply disruptions. Qatar's Energy Minister, Saad al-Kaabi, warned that prices could reach US$150 per barrel if the blockade persists for weeks, with catastrophic impacts on the global economy. Goldman Sachs and other investment banks consider scenarios in which Brent crude surpasses $100 as "possible" in the event of a sustained closure of the strait. Brent's weekly jump exceeds 28%, the largest since April 2020, reflecting panic in the energy market.
- Major tanker operators have suspended transits, war risk insurance has skyrocketed, and concerns about energy inflation are growing, especially in the US and Europe, where gasoline prices are already registering significant increases. Despite the rise, some analysts believe the peak may be temporary if there is rapid de-escalation or military intervention to reopen routes. However, with statements from leaders like President Trump demanding Iran's unconditional surrender, sentiment remains extremely volatile. Global stock markets fell in reaction, amid fears of a recession induced by expensive energy.
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