Middle East conflict sends oil prices soaring nearly 30% in a week

Friday 06 March 2026 - 21:45

Global oil markets experienced a sharp surge this week, with prices climbing nearly 30%, marking levels unseen since 2023. The escalation of conflict in the Middle East has disrupted key supply routes from the Gulf, fueling uncertainty in energy markets.

Brent crude, the international benchmark, closed at $92.69 per barrel on Friday, reflecting an 8% increase from the previous day and a weekly rise of 27.88%. Meanwhile, West Texas Intermediate (WTI), the U.S. benchmark, ended the session at $90.90 per barrel, up more than 12% on the day and 35.63% over the week.

Analysts note that the geopolitical tensions continue to drive volatility, with traders closely monitoring developments in the region. The sudden jump in crude prices may affect global fuel costs, highlighting the vulnerability of energy supplies to conflicts in the Middle East.