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June 3, 2026 1:53 PM UTC

$89 Brent Oil Surge: Hormuz Crisis Breaking Markets

Brent crude has shattered records at $89.23 per barrel, a 4.5% daily surge and 18% weekly gain, as the US-Iran conflict paralyzes the Strait of Hormuz for its eighth straight day. WTI rocketed 6.3% to $86.06, the highest since April 2024. This marks Brent's biggest weekly jump since Russia's 2022 Ukraine invasion, driven by total tanker traffic halt through the 20% global oil chokepoint. Hormuz Nightmare Triggers Supply Apocalypse Iran's retaliation, including drone strikes on tankers, Azerbaijan, and a US submarine has grounded shipping, with five vessels hit and insurers pulling coverage entirely. Qatar warns $150/barrel if Saudi/UAE output stops; Iraq slashed production while Qatar halted 20% of world LNG at Ras Laffan. Aramco reroutes desperately as force majeure looms across Gulf producers. Goldman Sachs now forecasts Q2 Brent at $76 (up $10); full Hormuz closure models $108 (+80%), tails to $130+. Barclays eyes $100 by Monday if escalation holds. Crypto & Stocks Crushed by Oil Shockwave $89 Brent oil surge ripples brutally: Kospi -12%, S&P futures -2%, Nasdaq -2.15%. Bitcoin plunged to $70,500 before partial recovery; Exxon rallies +3% as energy shines. European TTF gas leaped 48% to 47 EUR/MWh; US gasoline hits $3.25/gallon (+27¢ weekly). OPEC+ adds just 206K bpd, meaningless against Hormuz's 21M bpd loss. Defense Sec. Hegseth: ”Iran misjudged our resolve.” What's Next in the Oil Inferno? US escorts could ease Brent to $80-85; prolonged war screams $100+. This Hormuz crisis breaking markets isn't just oil news, it's the macro earthquake slamming crypto, stocks, and inflation worldwide.

$89 Brent Oil Surge: Hormuz Crisis Breaking Markets

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