Oil surges past $90 as Donald Trump demands Iran’s ‘unconditional surrender’, stoking supply fears

Global benchmark oil prices surged past $90 a barrel on March 6 as escalating tensions between the United States and Iran sparked fears of a prolonged conflict that could severely disrupt global crude supplies.  

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Brent crude futures climbed 6.81% to $91.23 a barrel by 10:53 a.m. ET, while U.S. West Texas Intermediate (WTI) crude rose 9.95% to $89.07. U.S. crude has surged more than 30% this week, with Brent advancing nearly 26%, as traders react to growing risks around Middle East energy exports.  

The rally follows increasingly confrontational remarks from Donald Trump, who ruled out negotiations with Iran unless the country agrees to what he called “unconditional surrender.”  

In a post on his platform Truth Social, Trump said there would be “no deal” with Tehran unless it capitulates, adding that any diplomatic pathway would only open once new leadership acceptable to the United States and its allies emerges. He concluded the message with the slogan “Make Iran Great Again,” echoing his “Make America Great Again” campaign catchphrase.  

Meanwhile, the risk of a supply shock is rising as the conflict spreads across the Middle East, disrupting energy production and shipping routes.  

Saad Sherida Al-Kaabi, Qatar’s energy minister, warned in an interview with the Financial Times that crude prices could spike as high as $150 per barrel in the coming weeks if oil tankers are unable to pass through the Strait of Hormuz — one of the world’s most critical energy shipping lanes.  

“This could bring down the economies of the world,” Al-Kaabi said, adding that exporters in the Gulf region may soon be forced to declare force majeure if disruptions continue.  

“Everybody that has not called for force majeure we expect will do so in the next few days that this continues,” he told the FT. “All exporters in the Gulf region will have to call force majeure. If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.”  

The United States-Iran conflict has already slowed tanker movement through the Strait of Hormuz to a near standstill, intensifying concerns about supply shortages and adding volatility to global energy markets.