Oil prices surge as West Asia conflict rages, stocks fall on U.S. jobs
The Hindu
Oil prices surge amid West Asia conflict, causing stock declines as U.S. job losses raise inflation concerns and complicate economic recovery.
Crude prices surged on Friday (March 6, 2026) on mounting fears about oil supply disruption during West Asia war, while equities retreated on poor U.S. hiring data.
The U.S.-Israel war on Iran and Tehran’s retaliatory attacks across the Gulf region have upended the world’s energy and transport sectors, virtually halting traffic through the Strait of Hormuz.
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The international benchmark oil contract, Brent North Sea crude, surged to $92.69 per barrel, up 8.5% for the day and nearly 30% for the week after U.S. President Donald Trump said only the “unconditional surrender” of Iran would end the West Asia war.
The main U.S. contract, West Texas Intermediate, soared more than 12% to over $90 per barrel, topping off the biggest weekly gain on record.
Maritime traffic has all but dried up through the Strait of Hormuz, through which a fifth of the world’s crude oil and liquefied natural gas supplies run.
India's merchandise exports remain flat in February, with Commerce Secretary warning of a potential dip in March due to trade constraints.
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