Oil surges to biggest weekly gain since 2020
Brent crude climbs above $91 as markets tumble and shipping fears loom near Hormuz, signaling renewed volatility in energy prices.
Oil prices rose sharply again, with Brent crude climbing as much as 7% to top $91 a barrel at one stage and hovering around the mid- to upper-$80s in earlier sessions. The weekly surge is the biggest since 2020, reflecting a mix of supply worries and stubborn demand concerns.
In shipping news, traders cited a near-total temporary pause in traffic through the Strait of Hormuz, a development that could tighten near-term supply even as authorities seek to reassure markets.
On Friday morning, Brent was trading above $87.5, underscoring the volatility that has become a fixture in energy markets as equity indices slide and investors weigh the risk of further disruptions.
Analysts caution that price moves could be episodic if tensions ease or producers respond, but the current environment points to oil staying in the spotlight for weeks. For consumers, pump prices and inflation expectations may shift depending on how long the pressure persists.
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