Is oil price going to $100/bbl
Posted: Fri Mar 06, 2026 8:36 am
At the time of this post Brent oil was trading at $88.62/bbl
Trading Economics 8AM ET:
WTI crude oil futures climbed above $85 per barrel on Friday and were on track for their biggest weekly jump since 2022 as the escalating Middle East conflict has severely disrupted global energy flows.
> The crisis has almost halted shipping through the Strait of Hormuz, a crucial route that normally handles about 20 million barrels of oil and petroleum products per day.
> Commercial traffic through the strait has nearly stopped due to security risks, insurance issues and operational uncertainty.
> Some producers have started shutting in output, tightening markets further.
> Meanwhile, tensions remain high after Abbas Araghchi said Iran was not seeking negotiations.
> The US signaled possible actions to ease pressure, including the potential release of oil from strategic reserves, while also temporarily allowing India to purchase some Russian crude already at sea.
> Saudi Arabia raised oil prices for Asian buyers and redirected shipments through Red Sea ports to bypass Hormuz.
> An Iran missile hit a large refinery in Bahrain. Iran is targeting energy infrastructure in the Middle East.
> Kuwait Cuts Oil Processing at Its Refineries with Hormuz Blocked.
OilPrice.com: Oil Prices Surge Toward $90 as Middle East Tensions Escalate
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Surge-Toward-90-as-Middle-East-Tensions-Escalate.html
Another benchmark telling the same story is Murban crude, the Abu Dhabi grade that serves as a key pricing marker for Asian buyers. With Murban pushing toward $100 per barrel, refiners in Asia are facing rapidly rising feedstock costs.
Murban Crude oil price now at $99.64/bbl
The surge in Murban prices suggests that the market most exposed to Persian Gulf exports — Asia — is feeling the squeeze. The Abu Dhabi grade that serves as a key pricing marker for Asian buyers. With Murban pushing toward $100 per barrel, refiners in Asia are facing rapidly rising feedstock costs.
Trading Economics 8AM ET:
WTI crude oil futures climbed above $85 per barrel on Friday and were on track for their biggest weekly jump since 2022 as the escalating Middle East conflict has severely disrupted global energy flows.
> The crisis has almost halted shipping through the Strait of Hormuz, a crucial route that normally handles about 20 million barrels of oil and petroleum products per day.
> Commercial traffic through the strait has nearly stopped due to security risks, insurance issues and operational uncertainty.
> Some producers have started shutting in output, tightening markets further.
> Meanwhile, tensions remain high after Abbas Araghchi said Iran was not seeking negotiations.
> The US signaled possible actions to ease pressure, including the potential release of oil from strategic reserves, while also temporarily allowing India to purchase some Russian crude already at sea.
> Saudi Arabia raised oil prices for Asian buyers and redirected shipments through Red Sea ports to bypass Hormuz.
> An Iran missile hit a large refinery in Bahrain. Iran is targeting energy infrastructure in the Middle East.
> Kuwait Cuts Oil Processing at Its Refineries with Hormuz Blocked.
OilPrice.com: Oil Prices Surge Toward $90 as Middle East Tensions Escalate
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Surge-Toward-90-as-Middle-East-Tensions-Escalate.html
Another benchmark telling the same story is Murban crude, the Abu Dhabi grade that serves as a key pricing marker for Asian buyers. With Murban pushing toward $100 per barrel, refiners in Asia are facing rapidly rising feedstock costs.
Murban Crude oil price now at $99.64/bbl
The surge in Murban prices suggests that the market most exposed to Persian Gulf exports — Asia — is feeling the squeeze. The Abu Dhabi grade that serves as a key pricing marker for Asian buyers. With Murban pushing toward $100 per barrel, refiners in Asia are facing rapidly rising feedstock costs.