Global oil benchmark Brent crude breaks above $90 a barrel amid Iran war, U.S. crude tops $88
Oil prices jumped to their highest levels in months on Monday as Iran and Israel escalated attacks in the Middle East, disrupting shipments from the region.
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Global benchmark Brent 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.
Global benchmark Brent crude futures added 6.14% to trade at $90.65 a barrel. U.S. West Texas Intermediate crude futures were last seen 8.76% higher at $88.11.
“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 a barrel in the coming weeks if oil tankers were unable to pass through the Strait of Hormuz. This could “bring down the economies of the world,” Kaabi said.
“Everybody that has not called for force majeure we expect will do so in the next few days that this continues,” Kaabi told the FT. “All exporters in the Gulf region will have to call force majeure. If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”
The average price for a gallon of regular gasoline jumped nearly 27 cents since in the week to Thursday to $3.25, according to data from U.S. travel organization AAA.
The war between Iran and the U.S. entered its seventh day on Friday. In a press conference on Thursday, U.S. Defense Secretary Pete Hegseth said the U.S. had “only just begun to fight.”
“Iran is hoping that we cannot sustain this, which is a really bad miscalculation,” he told reporters.
Crude oil prices
