CRUDE WRAP: WTI SETTLES USD 9.89 HIGHER AT 90.90/BBL; BRENT (K6) SETTLES USD 7.28 HIGHER AT 92.69/BBL

Analysis details (19:34)

The crude complex, once again, saw heavy gains on Friday, to end a record-breaking week. Due to the breakout of the Middle Eastern war, and the accompanying Strait of Hormuz worries, WTI has surged from last Friday’s close of USD 67.02/bbl to a weekly high of USD 92.61/bbl, while Brent has moved from USD 70.84/bbl to peaks of USD 94.64/bbl. Obviously, the ever heightening geopols is underpinning the energy space, as attacks continue to expand across the region, with some of the main drivers behind the upside being 1) Qatari Energy Minister cautioning that the conflict could cause all Gulf energy producers to have to shut production within weeks, increasing oil to USD 150/bbl; 2) Iran attacking a US-owned oil tanker near Kuwait; 3) Trump saying "There will be no deal with Iran except UNCONDITIONAL SURRENDER!”. On the supply footing, several oilfields have seemingly curtailed production. Meanwhile, WaPo citing sources, reported that Russia is giving Iran information to attack US forces, while CNN citing sources said that US has intelligence suggesting China may be preparing to provide Iran with financial assistance, spare parts and missile components, though Beijing has stayed out of the war up until now. While there haven’t been many things easing oil prices this week, WTI and Brent came off highs into settlement amid FT reports that the US agency is to create USD 20bln reinsurance facility for Gulf shipping, and the facility to restart maritime cargo. Albeit not garnering much attention, the latest Baker Hughes rig count saw oil rise 4 to 411, natgas fall 2 to 132, leaving the total up 1 at 551.

06 Mar 2026 - 19:34- ForexGeopolitical- Source: Newsquawk