Global oil prices recorded a sharp jump on Friday, as Brent crude surpassed the $90 per barrel mark for the first time since April 2024, while U.S. West Texas Intermediate (WTI) rose by more than 8% to reach $87.51.
This record increase followed statements by U.S. President Donald Trump, in which he emphasized that he would not accept any agreement with Tehran except for “unconditional surrender” and the selection of new leadership. This dashed market hopes for a near de-escalation of the conflict, which has entered its seventh day.
This political escalation coincided with strong warnings from Qatari Energy Minister Saad Al-Kaabi, who predicted that crude prices could reach $150 per barrel if the closure of the Strait of Hormuz continues.
Al-Kaabi explained that the suspension of navigation in this vital waterway would force all energy exporters in the Gulf to declare “force majeure” to avoid legal liabilities, warning that this scenario could lead to a real collapse in the global economy and international supply chains.
