{"id":192809,"date":"2026-03-06T14:26:18","date_gmt":"2026-03-06T14:26:18","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2026\/03\/06\/oil-prices-continue-to-climb-hitting-their-highest-level-in-nearly-2-years\/"},"modified":"2026-03-06T14:26:18","modified_gmt":"2026-03-06T14:26:18","slug":"oil-prices-continue-to-climb-hitting-their-highest-level-in-nearly-2-years","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2026\/03\/06\/oil-prices-continue-to-climb-hitting-their-highest-level-in-nearly-2-years\/","title":{"rendered":"Oil prices continue to climb, hitting their highest level in nearly 2 years"},"content":{"rendered":"<section >\n<p>The price of oil continued to surge on Friday amid growing concerns that the\u00a0<span >Iran war<\/span>\u00a0will disrupt\u00a0global crude supplies.\u00a0<\/p>\n<p>West Texas Intermediate (WTI), the U.S. oil benchmark, rose 6.8% to $86.57 per barrel on Friday morning, according to data from Factset. Brent crude, the international benchmark, jumped 4.7% to $89.44. Both were trading near their highest levels since April 2024.<\/p>\n<h2>Tangible disruption<\/h2>\n<p>Crude prices have surged this week as the Iran conflict halts shipments of oil and liquefied natural gas through the strategically vital\u00a0<span >Strait of Hormuz<\/span>. About 20% of global oil shipments normally travel through the waterway.\u00a0<\/p>\n<p>&#8220;The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption, as refinery shutdowns and export constraints begin to impair crude processing and regional supply flows,&#8221; JPMorgan analysts said in a report on Friday.\u00a0<\/p>\n<p>Qatar&#8217;s energy minister suggested that all Gulf energy exporters may shut down production within days, which could drive Brent crude to $150 a barrel, the Financial Times\u00a0reported.\u00a0<\/p>\n<p>&#8220;WTI crude jumped more than 6% in response [to the FT article], briefly rising above $86 for the first time since April 2024,&#8221; Oxford Economics said in a report. &#8220;WTI crude is up close to 30% since the start of the war and up more than 55% from the January low.&#8221;<\/p>\n<p>Typically, about 138 vessels travel through the Strait of Hormuz every 24 hours, but that has dropped to &#8220;single-digit levels&#8221; in recent days, according to a March 5 statement from the Joint Maritime Information Center, an international group that tracks commercial shipping safety.\u00a0<\/p>\n<h2>Jump in gas prices<\/h2>\n<p>In the U.S., the spike in oil prices is leading to sharply higher fuel costs. As of Thursday, gas prices <span >had jumped 26 cents<\/span> a gallon, according to GasBuddy.<\/p>\n<p>Because of &#8220;the continued de facto shutdown of the Strait of Hormuz, unfortunately, price increases look to continue into this weekend at this pace,&#8221; GasBuddy petroleum analyst Patrick De Haan\u00a0wrote\u00a0on social media.<\/p>\n<div>\n<div ><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/FpoBj\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-FpoBj\"><\/script><noscript><\/noscript><\/div>\n<p> <amp-iframe width=\"100\" height=\"100\" layout=\"responsive\" sandbox=\"allow-scripts allow-same-origin\" resizable src=\"https:\/\/www.datawrapper.de\/_\/FpoBj\/\"> <\/amp-iframe><\/div>\n<section >\n<p >\n      Edited by<\/p>\n<p>                                  Alain  Sherter\n                      <\/p>\n<p >\n<p>                      <span >The Associated  Press<\/span><\/p>\n<p>        contributed to this report.\n    <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<style type=\"text\/css\">\n      .component--type-recirculation {\n      .item:nth-child(7),\n      .card-recirc:nth-child(7) {\n        display: none;\n      }\n    }\n      #inline-recirc-item--id-b006e03a-45f8-46d3-b374-e39a541710da, #right-rail-recirc-item--id-b006e03a-45f8-46d3-b374-e39a541710da {\n      display: none;\n    }<\/p>\n<p>    #inline-recirc-item--id-b006e03a-45f8-46d3-b374-e39a541710da ~ .item:nth-child(7) {\n      display: block;\n    }\n  <\/style>\n<section >\n      <!-- tags --><\/p>\n<section >\n<p >In:<\/p>\n<ul>\n<li>Oil and Gas<\/li>\n<\/ul>\n<\/section>\n<\/section>\n<\/section>\n<p><a href=\"https:\/\/www.cbsnews.com\/news\/oil-prices-iran-war-strait-of-hormuz-gas\/\">Source <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of oil continued to surge on Friday amid growing concerns that the\u00a0Iran war\u00a0will disrupt\u00a0global crude supplies.\u00a0 West Texas Intermediate (WTI), the U.S. oil benchmark, rose 6.8% to $86.57 per barrel on Friday morning, according to data from Factset. Brent crude, the international benchmark, jumped 4.7% to $89.44. Both were trading near their highest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[53],"tags":[],"class_list":["post-192809","post","type-post","status-publish","format-standard","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices continue to climb, hitting their highest level in nearly 2 years - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2026\/03\/06\/oil-prices-continue-to-climb-hitting-their-highest-level-in-nearly-2-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices continue to climb, hitting their highest level in nearly 2 years\" \/>\n<meta property=\"og:description\" content=\"The price of oil continued to surge on Friday amid growing concerns that the\u00a0Iran war\u00a0will disrupt\u00a0global crude supplies.\u00a0 West Texas Intermediate (WTI), the U.S. oil benchmark, rose 6.8% to $86.57 per barrel on Friday morning, according to data from Factset. Brent crude, the international benchmark, jumped 4.7% to $89.44. 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