Global oil prices surged to their highest levels in months on Friday, March 6, 2026, as tensions between Israel and Iran escalated.

Brent crude was trading above $88 per barrel in the first week of March 2026, while the U.S. benchmark West Texas Intermediate climbed to $85.90 per barrel. Prices briefly spiked to nearly $90 per barrel during trading, marking the highest level recorded in recent months.

In the previous trading session, oil contracts initially surged to their highest point since June 2025 before easing slightly and eventually closing 6.3% higher.

The surge follows intensified military actions earlier in the week. On Monday, the United States and Israel stepped up their air campaign against Iran, with Israel launching attacks in Lebanon while Iran reportedly responded with strikes targeting energy infrastructure and tankers in the Strait of Hormuz.

Shipping through the strategic waterway has been disrupted, as tankers and container ships are reportedly avoiding the route after insurers withdrew coverage for vessels operating in the area. As a result, global oil and gas shipping rates have risen sharply.

The latest rally puts oil on track for its biggest weekly gain in roughly four years.

Meanwhile, the White House says it is assessing options to reduce the economic impact of rising oil prices. Officials are considering measures to cushion consumers if prices continue to climb.

Concerns over transit through the Strait of Hormuz intensified after Iranian media reported on March 2 that a senior official of the Islamic Revolutionary Guard Corps claimed the waterway had been closed and warned that Iran would fire on any vessel attempting to pass through.

The Strait of Hormuz remains one of the world’s most critical energy routes, with roughly 20% of global oil and gas supplies passing through the channel.