Oil Soars in Strongest Weekly Rally Since 2022

WTI crude oil futures surged over 11% to above $90 per barrel on Friday, the highest since August 2022, as intensifying tensions in the Middle East are disrupting global energy trade. On Friday, President Donald Trump urged Iran to accept unconditional surrender, amplifying fears that a drawn-out conflict could significantly impact worldwide oil supply. Earlier in the day, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times that Gulf exporters would halt production within days if tankers are unable to pass through the Strait of Hormuz. The strait is a crucial route that normally handles about 20 million barrels of oil and petroleum products per day. The US signaled possible actions to ease pressure, including the potential release of oil from strategic reserves, while also temporarily allowing India to purchase some Russian crude already at sea. Meanwhile, Saudi Arabia raised oil prices for Asian buyers and redirected shipments through Red Sea ports to bypass Hormuz.

Crude Oil WTI rose above 90, according to trading on a contract for difference (CFD).

WTI crude oil futures climbed more than 10% to $89 per barrel on Friday and were on track for their biggest weekly jump since 2022 as the escalating Middle East conflict severely disrupted global energy flows. Qatar’s Energy Minister Saad al-Kaabi told the Financial Times that Gulf exporters would halt production within days if tankers are unable to pass through the Strait of Hormuz. The strait is a crucial route that normally handles about 20 million barrels of oil and petroleum products per day. Meanwhile, tensions remain high after Abbas Araghchi said Iran was not seeking negotiations. The US signaled possible actions to ease pressure, including the potential release of oil from strategic reserves, while also temporarily allowing India to purchase some Russian crude already at sea. Saudi Arabia raised oil prices for Asian buyers and redirected shipments through Red Sea ports to bypass Hormuz.