Oil prices continue to climb, hitting their highest level in nearly 2 years

March 6, 2026

TL;DR

Oil prices (WTI and Brent crude) surged due to concerns over Iran conflict disrupting global supplies.
Both benchmarks are trading near their highest levels since April 2024.
The conflict has halted shipments through the Strait of Hormuz, which handles about 20% of global oil shipments.
Market analysis suggests a shift from pricing geopolitical risk to grappling with operational disruption.
Qatar's energy minister suggested potential production shutdowns in the Gulf, which could drive Brent crude to $150 a barrel.
WTI crude has risen nearly 30% since the start of the war.
Shipments through the Strait of Hormuz have dropped significantly.
Brent crude could potentially top $100 a barrel next week if the Strait remains impassable.
U.S. gas prices have jumped 32 cents a gallon in the last seven days, reaching their highest since August 2024.
Diesel prices have soared 51 cents in a week, reaching their highest since November 2023.

Continue reading the original article