DUBAI, April 2, 2026 — Global oil prices are climbing toward $150 per barrel as tensions over Iran and potential Russian supply cuts strain markets, with OPEC+ considering production increases to stabilize supply. The price of West Texas Intermediate (WTI) crude surpassed $110 per barrel, exceeding Brent crude prices, as geopolitical instability threatens global oil flows. Over 20% of the world’s traded oil passes through the Strait of Hormuz, a critical chokepoint now under heightened scrutiny due to the Iran conflict. U.S. President Donald Trump’s recent speech failed to outline a clear exit strategy for the Iran crisis, exacerbating market uncertainty. Meanwhile, OPEC+ members, including Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates, have already reduced output due to the conflict. The group is set to discuss raising production quotas at a meeting this Sunday. Analysts warn that further disruptions, particularly from Russia, could push prices even higher. "Der Markt braucht jetzt jedes Fass" ("The market needs every barrel now"), one industry source noted, reflecting growing concerns over tightening supplies. The price surge comes as leading producers grapple with balancing market stability against geopolitical risks. With no immediate resolution in sight, energy markets remain volatile.