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.



News Stream
Crude Oil Surges to July-2022 Highs
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.
2026-03-27
WTI Turns Higher as Iran War Drags On
Oil crude futures rose back above $98 per barrel on Friday, near the highest since July 2022, amid skepticism that the US and Iran could reach a deal to end the war soon. Reports indicate the Pentagon is considering sending up to 10,000 additional ground troops to the Middle East, while Iran is said to be mobilizing over 1 million troops in response. Meanwhile, President Donald Trump extended the deadline for a planned strike on Iranian energy infrastructure to April 6 to allow for negotiations, saying talks with Tehran were going “very well.” Trump also noted that Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a gesture of goodwill, while Treasury Secretary Scott Bessent said an insurance program to support shipping through the waterway would begin soon. WTI prices remain up roughly 40% since the conflict began, as Tehran effectively closed the narrow waterway through which about a fifth of global energy flows.
2026-03-27
Oil Falls as Trump Extends Deadline for Iran Deal
WTI crude futures fell toward $93 per barrel on Friday, trimming gains from the previous session after President Donald Trump extended the deadline for Tehran to secure a deal or face further attacks by another 10 days. Trump also said Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the US, while Treasury Secretary Scott Bessent noted that an insurance program aimed at boosting shipping through the waterway would begin soon. However, reports indicated the Pentagon is considering sending up to 10,000 additional ground troops to the Middle East. Meanwhile, Iran confirmed it had rejected the US’ 15-point plan to end the war and submitted its own conditions, including recognition of Tehran’s authority over Hormuz. Oil prices remain up roughly 40% since the conflict began, as Tehran forced the effective closure of the narrow waterway through which about a fifth of global energy flows.
2026-03-26