Brief Oil News Today
Some of the latest oil news from Oil Price, March 6, 2027
March 6. 2026: Brent tops $90 as the Strait of Hormuz closure halts Gulf oil flows and Iraq and Kuwait begin cutting output, fueling fears of a sharper price surge.
“Oil Prices Hit $90 as Middle East Tensions Escalate,” Julianne Geiger, OIl Price, Latest News
Oil prices surged again on Friday, putting crude on track for its biggest weekly gain in years as disruptions to Middle East supply and tanker traffic through the Strait of Hormuz rattle global energy markets.
Brent crude was trading above $88 per barrel in early trading, up more than 4% on the day, while U.S. benchmark West Texas Intermediate climbed to roughly $85.90 per barrel, gaining more than $4.80. Murban crude — a key Middle Eastern benchmark — was approaching the $100 mark at $99.60 per barrel.
The rally caps a week in which oil prices have jumped sharply amid escalating tensions tied to the conflict involving Iran and the United States, and growing fears over the security of shipping through the Strait of Hormuz.
That narrow waterway handles roughly a fifth of the world’s traded crude, making it one of the most critical chokepoints in the global oil system. Even partial disruptions or perceived risks to tanker traffic can trigger rapid price moves as traders scramble to price in supply uncertainty.
The latest surge has pushed oil toward its largest weekly gain in roughly four years.
Markets are increasingly factoring in the possibility that exports from the Persian Gulf could face even greater logistical challenges should tensions intensify.
“The Sky Is the Limit for the Current Oil Price Rally.” Tom Kool, OilPrice.com.
“When a US President declares that there would be no deal with Iran except for ‘unconditional surrender’, the oil markets rally. Hence, there should be nothing surprising about ICE Brent jumping above $90 per barrel for the first time since April 2024, as the closure of Strait of Hormuz continues, with zero crude oil movement out of the Persian Gulf.
With Iraq and Kuwait starting to cut production, it seems that the sky is the limit for the current oil price rally.”
Reuters: Trump: “I don’t have any concern about it,” he said, when asked about the higher prices at the pump. “They’ll drop very rapidly when this is over, and if they rise, they rise, but this is far more important than having gasoline prices go up a little bit.”
Even if the oil issues all go away, the shock to the economy will not go away quickly. We are in for a few months or longer of pricing and supplies.
What timing. 25 Feb 2026 was the final peak valuation of global composite equities (ACWI), the final terminal apogee of a natural 44 year 1982 asset-debt (private debt) macroeconomic cycle and the beginning of a 1929-like crash consistent with the US Feb job loss data. Now add to that naturally occurring cycle, the concurrent initiation of this substantially thoughtless, anti-national US interest 28 Feb 2026 Iran war with its antecedent treacherous Pearl-Harbor-like fake negotiations, and with its instantaneous effect on the global energy supply line. The 25 Feb 2026 naturally occurring fractal equity crash would have caused sovereign interest rates and commodity prices to plummet with oil prices collapsing. Now with the Iran war, the sudden demand for marginally produced and stored oil and LNG have acted oppositionally to the effects on US sovereign debt and oil and LGN prices that would have occurred with a naturally occurring equity crash. Japan, for instance, is prepared to sell its held US sovereign debt to buy the >97% of the oil/LNG that it imports and oil/LNG prices have increased 35-100% in one week, a record. Claude AI, that has a grasp of Lammert fractal macroeconomics, not surprisingly, has reached the conclusion, that the nadir of the initial crash will be greater than the naturally occurring crash. What a mess.