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By Noor Zainab Hussain and Manya Saini Bengaluru; March 6 (Reuters) – As the conflict in the Gulf widens, maritime insurance premiums for war coverage are surging — in some cases by more than 1000% — dramatically driving up the cost of moving energy ​through a critical maritime corridor. The conflagration sparked by Saturday’s Israeli-U.S. air strikes against Tehran has paralyzed traffic through the Strait of Hormuz, a major shipping chokepoint. Iran ‌on Monday said it would fire on any ship trying to pass, and at least nine vessels have suffered damag in the area …

London, March 6, 2026 – Crude oil was headed on Friday for its sharpest weekly gain since Russia launched its full-scale invasion of Ukraine ‌in February 2022, as conflict in the Middle East kept shipping and energy exports through the vital Strait of Hormuz blocked. Brent crude futures have surged 20% this week, while West Texas Intermediate has jumped 25%. On Friday, Brent extended its climb and was up $2.09, or 2.45%, to $87.50 per barrel at 0953 GMT. WTI ​rose $3.76, or 4.64%, to $84.77. Both benchmarks traded at …

Houston, March 5, 2026 – Oil prices ​jumped more than 3% on Thursday, extending a rally as the escalating US.- Israel war with disrupted supplies and shipping, driving ‌some major producers in the Middle East to reduce output. Brent crude was up $2.98, or 3.66%, at $84.38 per barrel by 10:55 a.m. EST (1555 GMT), a fifth session of gains. U.S. West Texas Intermediate crude rose $4.28, or 5.73%, to $78.94. U.S. crude futures rose more than 5% during the session to reach their highest since January 21, 2025, Donald …