US Oil Prices Soar 14 Percent as Trump Demands Iran’s ‘Unconditional Surrender’

West Texas Intermediate crude prices on track for biggest weekly gain on record.

Iranian crude oil tanker Sevda sails near Bandare Asaluyah, Iran, on Jan. 27, 2026. Sam / Middle East Images / AFP via Getty Images

U.S. crude oil prices broke $90 per barrel on March 6 as President Donald Trump demanded an “unconditional surrender” from Iran.

A barrel of West Texas Intermediate—the U.S. benchmark for oil prices—rocketed 14 percent above $92 on the New York Mercantile Exchange.