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Oil Prices Surge to Historic Highs Amid US-Iran Conflict, Straining Global Markets

Oil Prices Surge to Historic Highs Amid US-Iran Conflict, Straining Global Markets

Author:

Global Cryptocurrency

Published:

2026-03-06 23:41:01

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Crude oil prices recorded their largest weekly gains in history as geopolitical tensions between the US and Iran disrupted critical supply routes. West Texas Intermediate surged 35.63% this week, closing at $90.90 a barrel, while Brent crude jumped 28% to $92.69. The conflict has nearly halted traffic through the Strait of Hormuz, a vital shipping lane for global oil exports.

Qatar's Energy Minister Saad al-Kaabi warned of potential price spikes to $150 per barrel if the blockade persists, threatening widespread economic fallout. The situation may force Gulf exporters to declare force majeure, compounding existing market pressures. Traders are pricing in prolonged disruptions as military demands from Washington extend the crisis timeline.

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