WANA (Mar 06) – Global oil prices have continued their sharp upward trajectory following the U.S. attack and the closure of the Strait of Hormuz, surpassing $90 per barrel today.

 

Brent crude crossed the $90 mark just five days after global markets reopened following the disruption in the strategic waterway, marking a 33 percent increase compared to pre-war levels.

 

Analysts say this represents the fastest rise in oil prices in the past decade, with the pace of increase estimated to be three times faster than during the early period of the Russia–Ukraine war.

 

Meanwhile, reactions in the United States have been mixed. Social media users responded with clown emojis after Donald Trump claimed that oil prices had “almost stabilized.” In contrast, The Economist warned that $100 oil could trigger a global shock of inflation and recession, urging an end to the conflict.

 

Qatar’s energy minister also cautioned that if the current trend continues, oil prices could reach $150 per barrel within weeks.