{"id":42773,"date":"2026-03-06T18:04:32","date_gmt":"2026-03-06T18:04:32","guid":{"rendered":"https:\/\/ipp-news.com\/?p=42773"},"modified":"2026-03-06T18:04:32","modified_gmt":"2026-03-06T18:04:32","slug":"us-crude-jumps-10-trades-at-90-per-barrel-for-first-time-since-april-2024","status":"publish","type":"post","link":"https:\/\/ipp-news.com\/?p=42773","title":{"rendered":"US crude jumps 10%, trades at $90 per barrel for first time since April 2024"},"content":{"rendered":"
US crude oil futures climbed \u200bmore than 10% on Friday, pulling closer to Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective \u200cclosure of the Strait of Hormuz amid the expanding US-Israeli conflict with Iran.<\/p>\n

Brent crude futures were up $5.42, or 6.35%, at $90.83 a barrel at 10:37 am CST (1637 GMT). West Texas Intermediate crude (WTI) was up $7.81, or 9.81%, at $88.96.<\/p>\n

It was the second straight day that gains in US crude futures had outpaced those in the Brent contract.<\/p>\n

Brent crude surged above $90\/bbl for the first time since April 2024 as the Strait of Hormuz closure halts Gulf oil flows. Iraq and Kuwait are already cutting output while no crude shipments have moved since March 1, intensifying fears of a deeper supply shock. #OilMarkets #Brent\u2026
\n\u2014 OilPrice.com (@OilandEnergy) March 6, 2026<\/p>\n

“Refiners and trading houses are searching for \u200balternative barrels, and the US is the largest producer,” said Giovanni Staunovo an analyst with UBS. “To prevent inventories in the US being \u200breduced too quickly via too high exports, the spread is moving back to the transportation costs.”<\/p>\n

Crude oil was set on Friday \u2060for its strongest weekly gain since the extreme volatility of the COVID\u201119 pandemic in spring 2020, as conflict in the Middle East kept shipping and \u200benergy exports through the vital Strait of\u00a0Hormuz\u00a0halted.<\/p>\n

Crude over $100 a barrel?<\/p>\n

Qatar’s energy minister told the Financial Times he expects all Gulf energy producers to shut down \u200bexports within weeks, a move he said could drive oil to\u00a0$150 a barrel, according to an interview published on Friday.<\/p>\n

“The worst case scenario is developing before our eyes,” John Kilduff, a partner at Again Capital said. “I think the forecasts of $100 a barrel all are to come to true.”<\/p>\n

Oil started its steep rally after the US and Israel launched strikes \u200bon Iran last Saturday, prompting Tehran to stop tankers moving through the\u00a0Strait of Hormuz.<\/p>\n

Oil supply equal to about 20% of world demand usually passes through \u200bthis waterway each day. With the Strait now effectively closed for seven days, that means about 140 million barrels of oil – equal to about 1.4 days of global \u200cdemand – has \u2060been unable to reach the market.<\/p>\n

Also Read:\u00a0Qatar energy minister warns Iran war will force Gulf to halt energy exports within weeks: report<\/p>\n

The conflict has spread across the Middle East’s key energy-producing areas, disrupting output and forcing shutdowns of refineries and liquefied natural gas plants.<\/p>\n

“Every day the Strait stays closed, prices will go higher,” said Staunovo. “The belief in the market was that Trump might pull back at some point because he doesn’t want to have high oil prices, but the longer that takes, the clearer it is how much is at risk.”<\/p>\n

US President Donald Trump \u200btold Reuters in an\u00a0exclusive interview\u00a0on Thursday \u200bthat he was not concerned about \u2060rising US gasoline prices linked to the conflict, saying “if they rise, they rise” and that the US military operation was his priority.<\/p>\n

A White House official said the US Treasury Department is expected to announce measures to combat rising \u200benergy prices from the conflict, a prospect that briefly pushed prices down by more than 1% earlier on Friday.<\/p>\n

Losses \u200bnarrowed after Bloomberg \u2060News reported that the Trump administration had\u00a0ruled out using the Treasury Department\u00a0to trade oil futures for now.<\/p>\n

The Treasury on Thursday granted waivers for companies to buy sanctioned Russian oil stored on tankers to ease supply constraints that have forced\u00a0refineries\u00a0in\u00a0Asia\u00a0to cut fuel processing.<\/p>\n

The first waivers went to\u00a0Indian refiners, who have since bought millions \u2060of barrels \u200bof Russian crude, reversing months of pressure on them to halt the purchases.<\/p>\n

Ship-tracking firm Kpler \u200bestimates about 30 million barrels of Russian oil are available and loaded on vessels in the Indian Ocean, Arabian Sea region and Singapore Strait, including volumes in floating storage.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

US crude oil futures climbed \u200bmore than 10% on Friday, pulling closer to Brent as buyers sought available barrels, with Middle Eastern supply constrained by the effective \u200cclosure of the Strait of Hormuz amid the expanding US-Israeli conflict with Iran. Brent crude futures were up $5.42, or 6.35%, at $90.83 a barrel at 10:37 am […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-42773","post","type-post","status-publish","format-standard","hentry","category-english-news"],"_links":{"self":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/42773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42773"}],"version-history":[{"count":0,"href":"https:\/\/ipp-news.com\/index.php?rest_route=\/wp\/v2\/posts\/42773\/revisions"}],"wp:attachment":[{"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipp-news.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}