Oil surges 35% this week for biggest gain in futures trading history dating back to 1983 [View all]

https://www.cnbc.com/2026/03/06/iran-us-war-oil-prices-brent-wti-barrel-futures.html

Oil prices surged after President Donald Trump demanded unconditional surrender from Iran.

Qatar’s energy minister, Saad al-Kaabi, told The Financial Times that Gulf exporters would halt production in days if tankers cannot pass the Strait of Hormuz.

This could spike oil prices to $150 a barrel in the coming weeks and “bring down the economies of the world,” Kaabi said.

U.S. crude oil on Friday posted its biggest weekly gain in futures trading history, as the escalating war in the Middle East has triggered a major disruption to global fuel supplies.

West Texas Intermediate
futures surged 12.21%, or $9.89, to close at $90.90 per barrel. Global benchmark Brent
rallied 8.52%, or $7.28, to settle at $92.69 per barrel.