economy
March 6, 2026
HISTORIC OIL PRICE JUMP: This hasn't been seen in over 40 years, a barrel could reach $150!
US crude oil prices recorded their largest weekly increase in history today, driven by the escalation of the Middle East war which caused massive disruptions in global fuel supply.
TL;DR
- US crude oil prices saw their largest weekly gain in history, with West Texas Intermediate (WTI) futures jumping 12.21% and Brent crude rising 8.52%.
- The escalation of the Middle East war and fears of prolonged conflict are driving the price surge.
- Qatar's Energy Minister warned that oil prices could reach $150 per barrel if tankers cannot pass through the Strait of Hormuz, potentially 'destroying world economies'.
- Iraq has halted 1.5 million barrels per day of production, and Kuwait is reducing output due to storage limitations.
- The US announced a $20 billion tanker insurance program, but it did not significantly calm markets.
- Average US gasoline prices increased by nearly 27 cents in the week leading up to Thursday.
- US Defense Secretary stated that the US has 'only begun the fight'.
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