NEW YORK, United States — Oil prices surged to their highest levels since 2022 as the Iran war intensified and markets priced in supply disruptions across the Middle East. The move was confirmed across Reuters, CNBC, AP News, Sky News, BBC News, and The Guardian. We prioritize facts independently verified across multiple reputable sources.
Mutually confirmed facts across these sources include:
- Crude benchmarks jumped sharply to their highest levels since mid-2022, marking some of the biggest daily and weekly gains in years.
- The surge is tied to the Iran war and fears of supply disruptions, including risks to shipments through the Strait of Hormuz and other Middle East export routes.
Additional Details Reported
CNBC reported U.S. WTI settled around $90.90 per barrel and Brent near $92.69 after a week of extreme volatility and supply concerns tied to the conflict.
Reuters said Brent surged as much as 29% intraday before settling higher, while WTI also finished the session sharply up, highlighting the scale of the market shock.
AP noted U.S. gasoline prices were climbing quickly as crude swings fed through to pump prices and broader consumer costs.
The Guardian cited forecasts that oil could push past $100 if disruptions persist, while BBC and Sky reported broader market volatility as energy costs jumped.
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Image: ‘Oil pumpjack, Togliatti’ by ShinePhantom (Wikimedia Commons). License: CC BY-SA 3.0. Source: https://commons.wikimedia.org/wiki/File:Oil_pumpjack,_Togliatti.JPG. Changes: cropped and resized to 1920×1080.