Oil Prices Explode! 35% Surge This Week - Biggest in History as Iran War Chokes Hormuz!

Global oil markets were rocked this week as crude futures surged by an astonishing 35%, marking the largest weekly percentage gain in futures trading history dating back to 1983. This unprecedented spike, dubbed the "Hormuz Shock of 2026" on trading desks, is a direct consequence of the escalating U.S.-Israel-Iran conflict, which has effectively paralyzed traffic through the Strait of Hormuz, a vital chokepoint for global oil supplies. West Texas Intermediate (WTI) futures soared approximately 35.63% to close the week between $96-$98 per barrel, while the global benchmark Brent crude rallied around 34-36% to settle between $102-$105 per barrel. These price levels represent a significant jump, with Brent surpassing $90 a barrel for the first time in two years. The immediate catalyst for this dramatic increase is the near-total halt of commercial tanker traffic through the Strait of Hormuz, which normally handles around 21% of the world's seaborne crude trade. The gravity of the situation was underscored by Qatar's energy minister, Saad al-Kaabi, who warned The Financial Times on Friday that crude prices could reach $150 per barrel in the coming weeks if oil tankers remain unable to pass the Strait. Kaabi cautioned that such a scenario could "bring down the economies of the world" and anticipated that all Gulf exporters would soon be forced to declare force majeure, effectively halting production due to lack of storage capacity. Already, Iraq has shut down 1.5 million barrels per day of production, and Kuwait has initiated cuts. This historic surge is being driven by a perfect storm of factors: a physical supply disruption (actual barrels offline), a logistics chokehold (shipping paralyzed), a geopolitical risk premium (fear of wider war), and speculative amplification (hedge funds and algorithmic traders piling into long positions). Previous record weekly gains during events like the 1990 Gulf War and the 2022 Ukraine invasion are now eclipsed by the current volatility. Tip the host https://link.space/@RoamingRamble buy me a coffee coff.ee/jadirigameb Amazon wishlist https://www.amazon.ca/hz/wishlist/ls/ref=cm_wl_your_lists