Late night! Oil prices surge! Strait of Hormuz, breaking news! Trump makes the latest statement

Global energy markets are on edge.

Tonight (March 6), international oil prices surged sharply, with WTI crude briefly jumping over 10% and Brent crude over 7%. According to the latest reports, on March 6, local time, the UK Maritime Trade Operations Office announced that it received reports of an unidentified object hitting a tugboat while navigating the Strait of Hormuz.

As the situation continues to escalate, the three major U.S. stock indices opened lower, all dropping over 1%; European stock markets also declined by more than 1%; the cryptocurrency market plummeted across the board, with Bitcoin and Ethereum both falling over 5%, and the VIX fear index soaring over 18%.

Analysts point out that tensions in the Middle East are still dominating market sentiment. Currently, investors are focused on whether this conflict will last a few days, weeks, or longer. U.S. President Trump declared on social media on March 6, “No deal will be reached with Iran unless it surrenders unconditionally.”

Oil Prices Surge

Due to the ongoing escalation of tensions in the Middle East, international oil prices hit a two-year high. As of 10:40 p.m. Beijing time on March 6, WTI crude surged 10.06% to $89.16 per barrel; Brent crude rose 7.11% to $91.48 per barrel.

According to CCTV News, on March 6, the UK Maritime Trade Operations Office reported that a tugboat was hit by an unidentified object while navigating the Strait of Hormuz. The incident occurred near the Strait of Hormuz, about 6 nautical miles north of Oman. The situation is still under further investigation.

Additionally, Xinhua News Agency reported that on March 6, Iran’s Mehr News Agency stated that a U.S. oil tanker near Kuwaiti waters was struck and caught fire. No further details were provided.

Analysts note that this conflict is disrupting the oil supply pattern in the Middle East, pushing global oil prices higher. U.S. gasoline prices are also rising in tandem, highlighting increasing risks of energy shocks feeding into inflation.

A recent assessment by the Joint Maritime Information Center (JMIC) on March 6 indicates that the number of ships passing through the Strait of Hormuz has dropped to single digits, with only two confirmed commercial transits observed in the past 24 hours.

This organization, focused on Middle Eastern maritime security, reports that these transits involve cargo ships, not oil tankers.

The report states that Kuwait has begun reducing some oil field production due to near-saturated storage capacity. Citigroup estimates that shipping disruptions through the Strait of Hormuz could reduce daily crude oil supply by 7 to 11 million barrels.

Goldman Sachs warns that if supply disruptions continue, the risk of oil prices breaking above $100 per barrel is emerging.

In its report, Goldman Sachs notes, “If oil transportation through the Strait of Hormuz remains disrupted over the next five weeks, Brent crude could reach $100 per barrel, a level that would imply significant demand destruction to prevent inventories from falling too low.”

Goldman Sachs also expressed skepticism about whether U.S. security measures in the Strait of Hormuz are sufficient to resolve the current issues, stating, “The market has little confidence that the security measures taken to protect tankers and natural gas ships will be effective.”

Samantha Dart, co-head of Goldman Sachs’ Global Commodities Research, said that with so many oil tankers, naval escorting may not be feasible. She also noted concerns about the effectiveness of escort fleets against drone attacks.

Senior strategist Marco Oliveira of XP Investimentos said, “The key question now is whether this war will last a few days, weeks, or longer. The basic assumption remains that the conflict won’t last too long, and the U.S. will likely win. But Iran’s refusal to back down keeps tensions high.”

Latest from Trump

According to CCTV News, on March 6, U.S. President Trump declared on social media, “No deal will be reached with Iran unless it surrenders unconditionally.”

The conflict in the Middle East continues to escalate. On the afternoon of March 6, Iran’s Islamic Revolutionary Guard Corps announced that the “Real Commitment 4” operation entered its 22nd round that morning, with Iran launching large-scale missile strikes including “Khoramshahr-4” and “Fatah” missiles in retaliation for an attack on a primary school in Minab. The announcement stated that targets from the Persian Gulf to Tel Aviv were hit.

The statement said that, according to the IRGC’s announcement to strengthen and expand attacks, Iran launched not only ballistic missiles but also the heavily armed “Khoramshahr-4” missiles carrying 2-ton warheads at speeds exceeding Mach 14. Military bases in the Gulf countries, Tel Aviv, Ben-Gurion Airport, and Haifa’s military centers were targeted by Iran’s new generation of missiles.

An IRGC official on March 6 said Iran would use new-generation missiles to strike U.S. and Israeli targets. Fars News Agency quoted the official as saying that Iran has been assembling and producing missiles, advancing various missile systems, and “expects to use advanced, rarely used long-range missiles for new attacks in the coming days.”

The official also mentioned that Iran had predicted the war would last some time, and in recent days, mainly used missile models from over a decade ago, with no deployment of the new generation yet. No further details were provided.

Additionally, multiple Iranian media outlets reported on March 6 that IRGC spokesperson Naini said Iran is equipping new weapons but has not yet used them on a large scale, warning that “the enemy should expect heavy strikes in every wave of attack.”