Global oil prices surged on Friday, climbing above $90 a barrel. It marked the largest one-day jump since 2020—as part of Middle Eastern production prepares to shut down and investors increasingly brace for a protracted conflict in the Persian Gulf.
Brent Crude Oil Price, USD / Barrel
U.S. President Donald Trump said there would be “no deal” with Iran unless Tehran agrees to “unconditional surrender.” Qatar’s energy minister, meanwhile, warned that oil prices could reach $150 a barrel without a swift end to the war.
One Middle Eastern oil benchmark has already climbed above $100 a barrel. Refineries are scrambling to secure cargoes that do not need to pass through the Strait of Hormuz—a narrow maritime corridor that carries about 20 percent of the world’s oil and has effectively been blocked by the conflict.
By midday in London, Brent crude had risen nearly 10 percent to $93.59 a barrel. That is the highest level since April 2024 and a sharp increase from $72 before the conflict began. The U.S. benchmark WTI gained more than 13 percent to reach $91.57 a barrel.
Arne Rasmussen, chief analyst at Global Risk Management, said the market had underestimated the likely duration of the war. As traders began to grasp the scale of the risks, he said, a “snowball effect” took hold across the market.