2026.03.0608:49:33UTC+00Oil Soars in Strongest Weekly Rally Since 2022

WTI crude oil futures rose above $81 per barrel on Friday and were headed for their largest weekly gain since 2022, as the deepening conflict in the Middle East sharply disrupted global energy supplies. The crisis has brought shipping through the Strait of Hormuz — a key corridor that typically handles around 20 million barrels per day of crude and refined products — close to a standstill. Commercial traffic has nearly ceased amid heightened security risks, rising insurance costs and mounting operational uncertainty. In response, some producers have begun shutting in production, further tightening supply conditions. At the same time, geopolitical tensions remain elevated after Abbas Araghchi reiterated that Iran is not seeking negotiations. The United States has signaled possible measures to alleviate market pressures, including a potential release of crude from strategic reserves and a temporary waiver allowing India to purchase certain Russian oil cargoes already at sea. Saudi Arabia, for its part, raised official selling prices for Asian customers and has rerouted shipments via Red Sea ports to avoid the Strait of Hormuz.