On Monday, March 9, Brent crude oil futures in Europe temporarily increased by nearly 20%, reaching $111.04 per barrel (159 liters), according to data from Reuters. West Texas Intermediate (WTI) oil futures in the U.S. rose by 16.8%, reaching $106.17, and during the session climbed even higher to $111.24.
On Friday, March 6, the price of Brent crude oil for May delivery exceeded $90 for the first time since April 2024, while before the onset of military actions against Iran on February 28, it was around $70 per barrel.
Concerns about a potential prolonged blockade of the Strait of Hormuz, through which about 20% of the world's oil volume is transported during peacetime, remain a key factor in the oil market. This strait also plays an important role in the transportation of liquefied natural gas, for example, from Qatar.
Amid escalating tensions in the global oil market, U.S. Treasury Secretary Scott Bessent announced on March 6 the possibility of easing sanctions on Russian oil that is already on board tankers. On the same day, the U.S. granted Indian refineries a 30-day exemption from the ban on purchasing Russian oil to ensure oil supply to the global market.
U.S. President Donald Trump, commenting on the rise in prices, noted that the short-term increase is a "small price" for eliminating the Iranian nuclear threat. He expressed the opinion that the short-term rise in oil prices, which will soon disappear after this threat is eliminated, is "a very small price for security and peace for the U.S. and the whole world," as he wrote on the social network Truth Social.
“ONLY FOOLS THINK OTHERWISE!” he added.
On March 7, Israel attacked Iranian oil facilities for the first time, striking five energy sites in Tehran and its surroundings. In response, the Islamic Revolutionary Guard Corps (IRGC) threatened to attack oil infrastructures in the Persian Gulf countries. “If you are willing to endure an oil price above $200 a barrel, keep playing,” a representative of the IRGC was quoted by The Guardian.
