Friday 06/March/2026 – 01:15 PM
Oil prices recorded a noticeable increase during recent trading, as spot contracts for Brent crude rose by 1.8%, equivalent to about $1.6, bringing the price of a barrel to the level of $87.
Brent crude
This rise came in the wake of the outbreak of military confrontations on February 28 between the United States and Israel on the one hand, and Iran on the other, which caused major disturbances in global energy markets.
Military developments led to the disruption of the movement of a number of oil tankers passing through the Strait of Hormuz, one of the most important sea lanes for energy transport in the world, through which about 20% of the world’s daily oil supplies pass.
The scope of the conflict later expanded to include major energy production areas in the Middle East, resulting in the disruption of some production operations and the closure of a number of refineries and liquefied natural gas facilities, which reinforced fears of a global supply shortage.
