US oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.
US oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.
Fuel storage tanks at the Sunoco LP Terminal in Crockett, California, US, on Sunday, March 1, 2026. Oil surged by the most in four years, as the US-Israeli war against Iran plunged the global crude market into turmoil, with the effective closure of the critical Strait of Hormuz.
Brent crude futures hit $90 a barrel for the first time in almost two years as the war in the Middle East unleashed a wave of disruption across energy markets, with shipping through the Strait of Hormuz at a near-total halt.
Brent crude futures hit $90 a barrel for the first time in almost two years as the war in the Middle East unleashed a wave of disruption across energy markets, with shipping through the Strait of Hormuz at a near-total halt.
Oil headed for the biggest weekly surge since 2022 as the war in the Middle East unleashed a wave of disruption across energy markets, with shipping through the Strait of Hormuz at a near-total halt.
Oil headed for the biggest weekly surge since 2022 as the war in the Middle East unleashed a wave of disruption across energy markets, with shipping through the Strait of Hormuz at a near-total halt.
A pumpjack near Driscoll, Texas, US, on Sunday, March 1, 2026. Oil surged by the most in four years, as the US-Israeli war against Iran plunged the global crude market into turmoil, with the effective closure of the Strait of Hormuz. Photographer: Eddie Seal/Bloomberg
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