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Oil Prices Jump 18% Amid Middle East Conflict

Published March 6, 2026, 09:15
Oil Prices Jump 18% Amid Middle East Conflict

Oil prices are rising sharply, with Brent heading for its biggest weekly increase since 2022, due to the escalating conflict in the Middle East and disruption in the global energy market. The closure of the Strait of Hormuz has limited global oil supply, leading to price increases. Brent has risen about 18% on a weekly basis, exceeding $85 a barrel. Goldman Sachs warns that prices could exceed $100 a barrel if disruptions to navigation continue. The bank estimates that traffic in the region will gradually recover, with Brent averaging $76 a barrel in the second quarter. The conflict in the Middle East has caused serious turmoil in the energy market, as approximately 20 million barrels of oil and petroleum products passed through the Strait of Hormuz daily last year. Donald Trump stated that he is not concerned about rising fuel prices in the US, prioritizing the military operation. The average price of gasoline in the US has increased by 27 cents in a week, reaching $3.25 a gallon.