Crude Oil Surges to July-2022 Highs

2026-03-27 18:41 By Felipe Alarcon 1 min. read

Crude oil futures surged over 5% to top $99 per barrel on Friday reaching their highest level since July 2022 as fresh disruptions in the Strait of Hormuz overshadowed diplomatic gestures.

While President Trump extended the strike deadline for Iranian energy infrastructure to April 6 market skepticism remains high following reports that the Pentagon is considering the deployment of 10,000 additional US troops.

Tensions escalated further as Iran's Islamic Revolutionary Guard Corps announced a harsh response to any movement through the waterway after turning away two Chinese ships and seeing a Thai-flagged cargo ship run aground.

Although earlier reports noted a brief passage of ten tankers the effective closure of the narrow passage continues to choke a fifth of global energy flows and keeps WTI prices up 40% since the onset of the conflict.

Investors now weigh the impact of potential ground conflict against the promised insurance programs intended to support future shipping.



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