Brent crude oil futures rose above $90 per barrel in international markets, marking their highest level since April 20, 2024.
After closing at $85.41 the previous day, Brent crude climbed sharply during trading on Friday. As of 16:54, prices had increased by approximately 5.67%, reaching $90.25 per barrel.
The surge in oil prices comes amid escalating tensions in the Middle East. Military exchanges between the United States and Israel on one side and Iran on the other have entered their seventh day, with Iran reportedly targeting U.S. bases in the region and Israel in retaliation for earlier strikes.
The intensifying conflict has significantly disrupted shipping traffic through the Strait of Hormuz, a critical route for global energy trade. At the same time, attacks on Iranian energy facilities have caused disruptions in production and exports, contributing to the rapid rise in oil prices.
Shipping Companies Suspend Routes
Major container shipping companies have begun adjusting their operations due to security concerns. Danish shipping giant Maersk and Germany-based Hapag-Lloyd have temporarily suspended two shipping routes connected to the Middle East.
Market sentiment has also been influenced by remarks from Qatar’s Energy Minister Saad bin Sherida Al-Kaabi, who warned that energy exports from Gulf countries could be halted within weeks if tensions escalate further. According to international media reports, such a scenario could push oil prices as high as $150 per barrel.
Threats to Close the Strait of Hormuz
Earlier, Brigadier General Ebrahim Jabbari, advisor to the commander of Iran’s Islamic Revolutionary Guard Corps, announced on Iranian state television on March 2 that ships would no longer be allowed to pass through the Strait of Hormuz, warning that vessels attempting to transit the strait could be targeted.
The latest escalation follows military strikes launched by the United States and Israel against Iran on February 28, while negotiations between Tehran and Washington were still ongoing. At the close of trading on February 27, Brent crude oil futures were priced at $72.48 per barrel.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök