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Oil surges 35% this week for biggest gain in futures trading history dating back to 1983
Brent crude surged nearly 30% this week amid Iran conflict fears and supply disruptions through the Strait of Hormuz, while U.S. job losses heightened stagflation concerns.
- U.S. crude futures logged a record weekly gain with a roughly 35% spike as West Texas Intermediate jumped 12% to $91.27 per barrel at the New York close on March 6, 2026.
- Disruption at the Strait of Hormuz has effectively halted shipping, removing 7 million to 11 million barrels daily and intensifying the war in the Middle East since Feb. 28.
- Diesel and storage strains have pushed diesel futures up more than 50%, with Kuwait cutting production and Peter Khoury saying, `Our concern is that there's more pain to come.`
- Officials signalled possible interventions such as the U.S. Treasury Department easing curbs on Indian Russian oil purchases and the DFC announcing a $20 billion maritime reinsurance plan, while Kevin Hassett denied tapping the Strategic Petroleum Reserve soon.
- Analysts caution that Goldman Sachs Group warns oil could top $100 if disruption persists, while traders push front-month futures and oil-linked ETFs higher and a sustained move above $90 signals lasting tightness.
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Oil surges to highest price since 2023
NEW YORK — Oil shot to its highest price since 2023 on Friday because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street's worst week since October.
·Billings, United States
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Stock markets tumble as oil rockets 25% in worst week since pandemic
London's FTSE 100 Index fell 1.2% on Friday as oil prices soared more than 25% this week in their biggest weekly gain since early 2020, with no swift resolution to the Middle East conflict in sight.
·Liverpool, United Kingdom
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Irish shares buck the trend as war sinks European stocks and US futures
US share futures and European stocks slid on Friday as the US-Iran war drove oil prices to their highest level in almost two years, prompting traders to wind in their bets on interest rate cuts and fret about the impact on economic growth.
·Ireland
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Coverage Details
Total News Sources100
Leaning Left27Leaning Right9Center35Last UpdatedBias Distribution49% Center
Bias Distribution
- 49% of the sources are Center
49% Center
L 38%
C 49%
13%
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