Brent Crude Hits $91

Brent crude surged more than 10% to around $94 a barrel, the highest since November 2022, as intensifying tensions in the Middle East are disrupting global energy trade. On Friday, President Donald Trump urged Iran to accept unconditional surrender, amplifying fears that a drawn-out conflict could significantly impact worldwide oil supply. Earlier in the day, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times that Gulf exporters would halt production within days if tankers are unable to pass through the Strait of Hormuz. The strait is a crucial route that normally handles about 20 million barrels of oil and petroleum products per day. The US signaled possible actions to ease pressure, including the potential release of oil from strategic reserves, while also temporarily allowing India to purchase some Russian crude already at sea. Meanwhile, Saudi Arabia raised oil prices for Asian buyers and redirected shipments through Red Sea ports to bypass Hormuz.

Brent crude surged more than 7% to around $91 a barrel, the highest since April 2024, as the escalating Middle East conflict severely disrupted global oil supplies. Shipping through the Strait of Hormuz, a key route that normally carries about 20 million barrels of oil per day, has nearly stopped due to security threats, insurance issues, and operational uncertainty. This has effectively choked off exports from major Gulf producers and forced some countries to shut in output. Analysts estimate that 7–11 million barrels per day may be temporarily missing from the market. The supply shock has pushed oil prices up more than 20% this week, despite signals from Donald Trump that the US may take action to ease prices and a temporary waiver allowing India to buy some stranded Russian crude. Meanwhile, governments in Japan and elsewhere are considering releasing emergency reserves.

Brent crude oil futures climbed above $87 per barrel on Friday and were on track for their biggest weekly jump since 2022 as the escalating Middle East conflict severely disrupted global energy flows. The crisis has almost halted shipping through the Strait of Hormuz, a crucial route that normally handles about 20 million barrels of oil and petroleum products per day. Commercial traffic through the strait has nearly stopped due to security risks, insurance issues and operational uncertainty. Some producers have started shutting in output, tightening markets further. Meanwhile, tensions remain high after Abbas Araghchi said Iran was not seeking negotiations. The US signaled possible actions to ease pressure, including the potential release of oil from strategic reserves, while also temporarily allowing India to purchase some Russian crude already at sea. Saudi Arabia raised oil prices for Asian buyers and redirected shipments through Red Sea ports to bypass Hormuz.