Brent crude above $90 for the first time since 2020
Brent crude above $90 for the first time since 2020
2026-03-06 06:13
Shafaq News – Follow-up
Oil prices rose on Friday as investors continued to assess the implications of a potential war between the United States and Iran on global energy markets, amid growing concerns about supply disruptions in the Middle East.
Brent crude futures, the global benchmark, climbed above $90 a barrel, hitting their highest level in 52 weeks and their highest level in nearly two years.
This week, Brent crude rose by about 23%, its biggest gain since May 2020, when record production cuts by the OPEC+ alliance helped prices recover from their pandemic lows. Meanwhile, WTI crude achieved its best weekly performance since April 2020, rising by about 27%.
The United States took these steps to calm the sharp rise in prices after it and its ally Israel began a military conflict with Iran on February 28, which led to the cessation of oil tanker traffic through the Strait of Hormuz, the closure of refineries, a reduction in oil production, and the disruption of liquefied natural gas terminals in the Middle East region.
A senior White House official predicted on Thursday that the Treasury Department would announce measures to counter rising energy prices caused by the Iranian conflict, including possible measures related to the oil futures market, without providing any details.
This potential move represents an unprecedented attempt by Washington to influence energy prices through financial markets rather than actual oil supplies.
shafaq.com
