Oil prices recorded historic gains this week as the conflict in the Middle East disrupted global supply routes, pushing the benchmark US crude to its strongest weekly performance in more than four decades.
The price surge followed the escalation of military operations between United States and Israel against Iran, which led to disruptions in shipping traffic through the strategic Strait of Hormuz.
US West Texas Intermediate (WTI) futures rose more than 12% at Friday’s settlement, although prices remained below Brent crude as buyers competed for available barrels amid tightening regional supplies.
According to market data, Brent Crude Oil climbed $7.28, or 8.52%, to $92.69 per barrel, posting weekly gains of about 27.9%.
Meanwhile, West Texas Intermediate increased $9.89, or 12.21%, closing at $90.90 per barrel.
Latest Oil Prices:
WTI Crude • 90.90 +9.89 +12.21%
Brent Crude • 92.69 +7.28 +8.52%
Murban Crude • 103.2 +8.73 +9.24%
Louisiana Light • 84.88 +6.30 +8.02%
Bonny Light • 78.62 -2.30 -2.84%
Opec Basket • 90.10 +7.23 +8.72%
Mars US • 69.53 -0.85 -1.21%
Gasoline • 2.747 +0.076 +2.83%
Natural Gas • 3.186 +0.183 +6.09%
The US benchmark recorded its largest weekly increase since trading in 1983, surging more than 35% as energy markets reacted to escalating geopolitical risks.
Energy flows through the Strait of Hormuz have been severely affected following the military escalation.
Industry estimates indicate that approximately 20% of global daily oil demand normally passes through the waterway. With the strait effectively closed for about seven days, around 140 million barrels of oil, equivalent to roughly 1.4 days of global consumption, have been unable to reach markets.
Analysts warned that every additional day of closure could exert further upward pressure on prices.
Qatari Energy Minister Saad Sherida Al-Kaabi told the Financial Times that all Gulf energy exporters could suspend shipments within weeks if the conflict expands.
He suggested that such a scenario could push oil prices toward $150 per barrel under severe supply disruption conditions.
Oil prices began climbing after the joint US–Israeli strike on Iranian targets, which prompted Tehran to restrict tanker movement through the Strait of Hormuz.
US President Donald Trump said he was not concerned about rising gasoline prices domestically, stating that the military operation remains a strategic priority even if fuel costs increase.
At the same time, the US Department of the Treasury issued sanctions waivers allowing allies to purchase certain Russian oil shipments, with Indian refineries becoming the first beneficiaries, buying millions of barrels of offshore Russian crude.
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