Oil Prices Reach Two-Year High Due to Iran Conflict
On March 6, 2026, oil prices experienced a significant surge, climbing between 5% and 7%, bringing the cost per barrel close to $90, marking the highest level seen in two years. This increase is primarily attributed to the ongoing ramifications of the military conflict involving the United States and Israel against Iran. As of the latest reports, the price of Brent crude oil hit $89.62 per barrel, reflecting a 5% increase during Friday's trading, while West Texas Intermediate (WTI) rose to $87.32 per barrel, up by 7% by 14:30 GMT.
The rise in oil prices can be largely linked to the escalating threats to energy shipments through the Strait of Hormuz, a critical maritime route through which approximately 20 million barrels of oil transit daily. Reports indicate a significant decline in maritime traffic in the area, with hundreds of vessels reportedly stranded on either side of the strait due to increasing security risks. Since February 28, the Israeli and U.S. military forces have been conducting operations against Iran, resulting in numerous casualties, including the death of Iran's Supreme Leader Ali Khamenei and several security officials.
In retaliation, Tehran has launched a series of missile and drone attacks targeting the occupied territories, as well as what it claims to be American bases and interests in Arab nations. These counterattacks have unfortunately resulted in civilian casualties and damage to infrastructure, including ports and residential buildings. The situation continues to evolve, with the potential for further implications on global oil markets as tensions remain high.
As reported by thevoice.ma.
