Oil tops $90 for the first time as Iran tensions deepen

Oil prices surged Friday, with Brent crude topping $90 per barrel for the first time since the latest escalation of geopolitical tensions in the Middle East.

The rally came as US President Donald Trump warned there would be no agreement with Iran, posting on Truth Social that the only acceptable outcome would be “unconditional surrender.”

The statement added to concerns that the conflict could continue escalating, increasing the risk of supply disruptions across the global energy market.

According to a report by Financial Times, Qatar’s energy minister Saad al Kaabi warned that the ongoing war in the Middle East could severely disrupt global energy markets and potentially push oil prices as high as $150 per barrel.

Analysts say markets may have underestimated how long the conflict could last, with traders beginning to price in the possibility of a prolonged war.

Energy supply concerns have also intensified across the region. Iraq has already shut down most of its oil production, while Kuwait could follow in the coming days as storage facilities approach capacity. Analysts have also warned that Saudi Arabia, the Gulf’s largest producer, could eventually face pressure to reduce output.

Brent crude rose nearly 7% to $91.33 per barrel Friday, up sharply from around $72 before the conflict began. US benchmark West Texas Intermediate climbed about 13% near $89 per barrel.

The surge in oil prices rattled broader financial markets, pushing risk assets lower. Bitcoin fell roughly 3% on the day, trading near $68K, while equities also declined, with the S&P 500 down about 1% and the Nasdaq falling 1.1%.