FX.co ★ Crude Oil Hits $90

WTI crude oil futures jumped more than 14% on Friday to above $92 per barrel, the highest level since August 2022, as escalating tensions in the Middle East disrupted global energy trade. President Donald Trump called on Iran to accept an unconditional surrender, intensifying concerns that a prolonged conflict could severely hit global oil supplies. Earlier in the day, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times that Gulf exporters would be forced to halt production within days if tankers are unable to transit the Strait of Hormuz. This key chokepoint typically handles around 20 million barrels per day of crude oil and refined products. In response, the US signaled it may take steps to relieve market pressure, including a possible release from strategic petroleum reserves and a temporary waiver allowing India to buy certain Russian crude cargoes already at sea. At the same time, Saudi Arabia increased official selling prices for Asian customers and rerouted some shipments through Red Sea ports to avoid the Strait of Hormuz.