Crude Oil Prices Hit $91 As Middle East Tensions Escalate

Oil prices surged again on Friday, putting crude on track for its biggest weekly gain in years as disruptions to Middle East supply and tanker traffic through the Strait of Hormuz rattle global energy markets, according to Oilprice.com.

Brent crude was trading around $88 per barrel in early trading on Friday but jumped to about $91 per barrel in the afternoon, while U.S. benchmark West Texas Intermediate (WTI), which was trading at roughly $85.90 per barrel earlier, surged to around $89 per barrel.

Murban crude — a key Middle Eastern benchmark — hit the $100 mark at the time of this report.

The rally caps a week in which oil prices have jumped sharply amid escalating tensions tied to the conflict involving Iran and the United States, and growing fears over the security of shipping through the Strait of Hormuz.

That narrow waterway handles roughly a fifth of the world’s traded crude, making it one of the most critical chokepoints in the global oil system. Even partial disruptions, or perceived risks to tanker traffic, can trigger rapid price movements as traders scramble to price in supply uncertainty.

The latest surge has pushed oil toward its largest weekly gain in roughly four years.

Markets are increasingly factoring in the possibility that exports from the Persian Gulf could face even greater logistical challenges should tensions intensify.

The Brent–WTI spread has narrowed over the past week, with both benchmarks surging amid disruptions to seaborne crude oil supply and tangible production outages in Iraq.

Seven days ago, Brent traded roughly $8–$9 above WTI, but that premium has since tightened to around $7 per barrel. A typical market reaction to geopolitical shocks in the Gulf would be a widening of the Brent premium because Brent reflects globally traded seaborne crude, while WTI is more tied to inland U.S. supply. However, the spread is narrowing.

The recent compression suggests traders are bidding up U.S. crude as buyers anticipate stronger demand for American export barrels if Middle East flows remain constrained, pushing WTI higher relative to the global benchmark.

The White House has said it is exploring options to limit the economic fallout from rising oil prices. Officials have discussed potential measures aimed at easing pressure on consumers if prices remain elevated.

As long as uncertainty around the Strait of Hormuz persists, oil prices are likely to remain volatile, with the $91 mark now firmly within reach for Brent and triple-digit crude already emerging in parts of the global benchmark system.