Crude oil rallies on intensifying US‑Iran conflict, set for largest weekly gain since 2022
Global crude oil prices are on track to register the biggest weekly surge in four years as the war in the Middle East has unleashed a wave of disruption across energy markets, with maritime traffic in the Strait of Hormuz grinding to a near-complete halt, which has kept crude oil prices in a boiling zone.
Brent crude futures have already jumped 22% this week so far, putting them on track for the biggest weekly surge since February 2022, when they gained 25.4%.
