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Informist, Friday, Mar. 6, 2026

 

--Brent crude oil May futures contract surges above $91/bbl, up over 6% 

--WTI crude oil Apr futures contract rises above $89/bbl, up around 9% 

 

MUMBAI – Futures contracts of Brent crude oil Friday surged over 6% to over $91 per barrel on the Intercontinental Exchange as hostilities in West Asia entered the seventh day. Similarly, the April contract of West Texas Intermediate shot up around 9% to above $89 per barrel on the New York Mercantile Exchange. The escalation in attacks by the US and Israel on Iran have raised concerns over supply of crude oil.

 

Shipping traffic through the Strait of Hormuz, a bottleneck between the United Arab Emirates and Iran through which much of the world's oil flows, has been severely disrupted. This has kept oil prices elevated since US and Israel launched a joint attack on Iran on Feb. 28. Disruptions to energy infrastructure across the region have kept global energy markets on edge, according to investing.com

 

The conflict in the region has intensified investor anxiety, particularly with disruptions reported in shipping through the Strait of Hormuz, one of the world's most critical oil transit routes, Amit Gupta, analyst at Kedia Advisory, said in a note. Meanwhile, China has reportedly directed its major refiners to halt exports of diesel and gasoline, adding to concerns about tighter global fuel availability, he said. This has also contributed to the rise in oil prices.

 

Crude oil prices surged over 33% this week on the NYMEX and around 27% on the Intercontinental Exchange. Till tension persists in West Asia, crude oil prices will remain on the upside, according to analysts.

 

US President Donald Trump Friday said on Truth Social that there will be no deal with Tehran "except unconditional surrender" and asserted that the US and allies would choose a "great & acceptable" leader.

 

At 2123 IST, the most-active April contract of crude oil on the NYMEX was up nearly 10% at $88.89 per barrel. The most-active May contract of crude oil on the Intercontinental Exchange was up 7% at $91.40 per barrel.  End

 

US$1 = INR 91.74

 

Reported by Taniva Singha Roy

Edited by Ashish Shirke

 

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