economy
March 7, 2026
Oil price surges to highest since 2023
Crude oil prices hit a two-and-a-half year high on Friday amid supply disruptions in the Middle East due to the US-Israeli war against Iran
TL;DR
- Global oil prices, including Brent crude and WTI, reached their highest levels since September 2023.
- Commercial traffic through the Strait of Hormuz has significantly decreased.
- Iraq and Kuwait have reduced oil output due to export and storage issues.
- Iran's oil exports have reportedly ceased.
- Experts predict oil prices could exceed $100 or even $150 per barrel if disruptions persist.
- Russia sees potential to expand energy exports by redirecting shipments.
- The US has granted India a waiver to purchase Russian oil.
- Some EU politicians are calling for the rollback of Russia sanctions, citing economic impacts.
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