economy
March 6, 2026
Oil Surges 35% This Week for Biggest Gain in Futures Trading History Dating Back to 1983
The oil market is worried that Gulf countries will have to shut production if tankers are unable to pass through the Strait of Hormuz.
TL;DR
- U.S. crude oil futures saw their largest weekly gain in history, surging 35.63%.
- Global benchmark Brent crude also rallied significantly, up 28% for the week.
- Fears of a prolonged war in the Middle East are disrupting global fuel supplies.
- Traffic in the Strait of Hormuz, a critical energy shipping route, has nearly stopped.
- Qatar's energy minister warned that crude prices could reach $150 per barrel if the Strait remains impassable.
- Iraq and Kuwait have already begun cutting oil production.
- Production cuts could reach 6 million barrels per day if the Strait remains closed.
- Average gasoline prices in the U.S. jumped nearly 27 cents in the past week.
- The U.S. has announced a $20 billion insurance program for oil tankers in the Persian Gulf.
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