OIL UP 38% SINCE START OF IRAN WAR
March 6th, 2026Via: Yahoo Finance:
US oil prices notched their biggest weekly gain since at least 1985 on Friday as the conflict headed toward the one-week mark and the critical Strait of Hormuz remained essentially closed off to through-traffic.
US benchmark West Texas Intermediate crude (CL=F) gained over 38% since the close of trading on Friday before the conflict began to briefly cross $92 per barrel. Meanwhile, Brent crude (BZ=F), the international pricing benchmark, gained roughly 30% to trade above $94 per barrel, its biggest weekly gain since April 2020.
The two benchmark products are now trading at prices not seen since April 2024 for Brent, and since at least October 2023 for WTI, as they continue a roaring rally driven by one of the largest supply shocks in years. Analysts say there’s a chance they go even higher.
“We are growing more confident that without an agreement and a fast cessation of all kinetic activity, the crude market will begin to break in days, and not in weeks or months,” Vikas Dwivedi, global energy strategist at Macquarie, said.
