Global oil prices surged sharply on Friday as escalating conflict in the Middle East disrupted energy supplies and forced buyers to seek alternative crude sources. The surge follows the effective closure of the Strait of Hormuz, a critical shipping route responsible for transporting a significant portion of the world’s oil.
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Benchmark Brent crude settled at $92.69 per barrel, rising $7.28 or 8.52 percent during the trading session. Meanwhile, West Texas Intermediate crude (WTI) climbed even higher, gaining $9.89 or 12.21 percent to close at $90.90 per barrel. It marked the second consecutive day that US crude posted stronger gains than Brent as buyers increasingly turned to American supplies.
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Analysts said the divergence reflected strong demand for US oil as refiners and traders searched for alternative barrels amid constrained Middle Eastern exports. Giovanni Staunovo, an analyst at UBS, noted that the United States, as the world’s largest oil producer, was becoming a key source of supply as traditional routes faced disruption.
Oil markets have rallied since military strikes by the United States and Israel on Iran triggered a wider regional conflict. Iran subsequently halted tanker traffic through the Strait of Hormuz, effectively blocking a route through which nearly 20 percent of global oil supply normally passes.
The disruption has already prevented an estimated 140 million barrels of oil from reaching international markets over the past week, equivalent to about 1.4 days of global demand. Energy infrastructure across parts of the Middle East has also been affected, with some refineries and liquefied natural gas facilities forced to shut down.
Read More: Strait of Hormuz: key oil route in middle of US-Iran crisis
Market analysts warn that prolonged disruption could push prices even higher. Some forecasts suggest crude oil could exceed $100 per barrel if the standoff continues. In an interview, Donald Trump said he was not worried about rising gasoline prices in the United States, stating that “if they rise, they rise.”
Traders remain closely focused on geopolitical developments as the crisis continues to reshape global energy markets.