Oil Prices Surge: Brent Crude Reaches $89, A New High Since April

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Brent Crude Hits $89, Highest Since April 2024 Amid Middle East Conflict

Brent crude oil rises to $88 per barrel, the highest level since April 2024

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Moneycontrol•06-03-2026, 17:56

Brent Crude Hits $89, Highest Since April 2024 Amid Middle East Conflict

•Brent crude oil surged to $89 per barrel, its highest level since April 2024, driven by escalating Middle East conflict.
•The conflict has blocked the vital Strait of Hormuz, disrupting shipping and energy exports, leading to the sharpest weekly gain for crude since February 2022.
•Qatar's energy minister warned oil could hit $150 a barrel if Gulf producers halt exports due to prolonged regional tensions.
•Financial markets are rattled, with European stocks and US futures slipping amid inflation fears and rethought central bank rate cut expectations.
•US and Israel strikes on Iran prompted Tehran to stop tankers through the Strait of Hormuz, which handles one-fifth of global daily oil supply.

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