Analysts say Iran‑related disruptions to oil transit could push crude prices toward $100 a barrel.
Oil Markets Surge Amid Middle East Tensions
Oil markets remain volatile, with prices spiking up to 42% since January amid escalating conflict in the Middle East.
As of 8:35 a.m. GMT on Saturday, March 7, West Texas Intermediate (WTI) crude rose to $92.62, up $2.18 from $90.44 on Friday, which itself was up $7.53 (9.3%) from Thursday.
Murban crude surged past $102.20, having already gained $6.04 (6.39%) on Friday. Meanwhile, Natural Gas rose to $3.116 per mmBtu, up $0.025 from $3.091.
In January 2026, the average Brent crude price ranged between $64–$67 per barrel, with daily trading levels reaching $65–$71 in late January.
Using Brent as the global benchmark, prices have risen from roughly $65 per barrel in January to around $92 per barrel in early March, marking an increase of about $27 per barrel, or 40–42%.
US Petrol Prices Surge Amid Middle East Tensions
US petrol prices have reached their highest levels since the Trump administration, as the conflict in Iran and the wider Middle East roils global oil markets.
Supply concerns: The price jumps reflect growing fears over global supply disruptions. Since Monday, only nine oil tankers, cargo, and container ships—some temporarily concealing their positions—have been recorded crossing the Strait of Hormuz, according to MarineTraffic data analysed by AFP.
Following attacks on three ships on Sunday, at least three tankers and a gas vessel have successfully traversed this critical chokepoint, a key shipping lane effectively disrupted by the ongoing conflict.
Strait of Hormuz Tensions and Global Oil Impact
Nearly 20% of the world’s crude oil and about 20% of liquefied natural gas (LNG) typically transit through the Strait of Hormuz.
Sustained high energy prices could fuel global inflation—U.S. gasoline has already reached $3.15 per gallon—erode consumer spending, and risk slowing economic growth by raising costs for transport, manufacturing, and heating.
Analysts warn that a prolonged closure of the Strait could push Brent crude to $100–$108 per barrel, potentially slowing growth further.
Possible solutions: Swift conflict resolution through diplomatic talks, U.S. Navy escorts for tankers (as ordered March 3), subsidised shipping insurance, and increased non-OPEC production or strategic reserve releases to stabilise global supplies.
Short-term market volatility may continue, but diversification can help mitigate long-term risks.
