Sigma Capital

04-03-2026

Oil Prices Rise 3% Amid Supply Disruptions; Brent Crude Hits $84.07

Source: MIST

Source: Youm7

Oil prices rose by 3% today as the U.S.–Israeli war against Iran disrupted Middle Eastern supplies. However, the pace of gains slowed compared to the previous two sessions after U.S. President Donald Trump stated that the U.S. Navy may begin escorting ships through the Strait of Hormuz.

By 06:59 GMT, Brent crude rose $2.67, or 3.3%, to $84.07 per barrel, after closing yesterday at its highest level since January 2025. U.S. West Texas Intermediate (WTI) crude climbed $2.24, or 3%, to $76.8 per barrel, after recording its highest settlement since June. Both benchmarks had gained about 5% or more in the previous two sessions, according to Reuters.

U.S.–Iran Tensions Driving Global Oil Prices Up
Kelvin Wong, senior market analyst at OANDA, said: “The U.S.–Iran conflict remains the main driver of oil prices in the near term. At this stage, no factor can ease or reverse the current upward trend in WTI prices except clear signs of de-escalation, which are not present right now.”

Reuters also reported that Iraq, OPEC’s second-largest crude producer, has cut production by about 1.5 million barrels per day—roughly half its output—due to limited storage capacity and lack of export routes. Officials added that Iraq may be forced to halt its entire production of around 3 million barrels per day within days if exports do not resume.