Oil went crazy this week. That is the story. U.S. crude posted the biggest weekly gain in the history of its futures contract, while U.S. stocks dropped hard as traders dealt with war risk, weaker jobs data, and a growing threat to global fuel supply. By Friday, West Texas Intermediate closed at $90.90 a barrel after rising 12.21%, or $9.89, in one session. Brent crude settled at $92.69 after climbing 8.52%, or $7.28. For the week, U.S. crude soared 35.63%, the biggest weekly gain since the contract began trading in 1983. Brent jumped about 28%, its biggest weekly gain since April 2020. The reason was simple and ugly. The war between the United States and Iran entered its seventh day on Friday, and the fight has already hit one of the most important shipping lanes in the world. Traffic in the Strait of Hormuz nearly stopped, raising fears that a wider supply shock could slam the oil and gas market. America’s Donald Trump raised those fears further on Friday when he demanded unconditional surrender from Iran. That pushed traders to price in a longer conflict, more shipping trouble, and more lost barrels from the Gulf. War disrupts Gulf supply and drives oil to a record weekly gain The supply problems did not stop at shipping delays. Saad al-Kaabi, Qatar’s energy minister, told the Financial Times on Friday that crude could reach $150 a barrel in the coming weeks if tankers cannot pass through the Strait. Saad said, “This could bring down the economies of the world.” He also warned that exporters in the Gulf may soon have no real choice but to declare force majeure if the disruption keeps going. Saad told the paper, “Everybody that has not called for force majeure we expect will do so in the next few days that this continues.” He added, “All exporters in the Gulf region will have to call force majeure. If they don’t, they are at some point going to pay the liability for that legally, and that’s their choice.” Washington tried to step in, but the market did not calm down. The Trump administration announced a $20 billion insurance program for oil tankers in the Persian Gulf on Friday. Traders still kept buying crude , thanks to real supply losses were already showing up. Two Iraqi officials told Reuters on Tuesday that Iraq shut down 1.5 million barrels per day of production. The Wall Street Journal reported Friday that Kuwait also started cutting production after it ran out of storage space. The war language stayed hard as well.At a Thursday press conference, U.S. Defense Secretary Pete Hegseth said the U.S. had “only just begun to fight.” Pete also told reporters, “Iran is hoping that we cannot sustain this, which is a really bad miscalculation.” Stocks fall as weak jobs data and higher energy prices hit traders at once Stocks had a rough Friday and an even rougher week. oil was flying, but equities were sinking. The Dow Jones Industrial Average fell 453.19 points, or 0.95%, to close at 47,501.55. Earlier in the day, the Dow was down nearly 950 points, or almost 2%. The S&P 500 lost 1.33% and ended at 6,740.02. The Nasdaq Composite dropped 1.59% to 22,387.68. At their lowest points of the day, the S&P 500 was down 1.7% and the Nasdaq was down 1.9%. The labor report made the selling worse. The Bureau of Labor Statistics said nonfarm payrolls fell by 92,000 in February. That was a sharp break from the revised January gain of 126,000. It was also far below the 50,000 increase expected by economists polled by Dow Jones. The unemployment rate rose to 4.4% from 4.3%. So traders had two problems at the same time: a war that pushed oil higher and jobs data that showed the labor market weakening. The U.S. dollar index also headed for its best week since August. The gauge, which tracks the greenback against a basket of currencies, rose 1.4% since Monday. It was on track for its biggest one-week gain since the week ended Aug. 1, when it rose more than 1.5%. Other markets were busy too. Gold ended Friday up 1.58% at 5,158.7, but it still fell 1.7% for the week. That was its first weekly loss in five weeks. Silver gained 2.59% on Friday to close at 84.311, yet it lost 9.63% for the week, its first weekly drop in four weeks. Aluminum climbed 9.75% during the week, its biggest weekly gain since January 2023, and it is now up nearly 15% in 2026. Drivers felt the pressure too. The average price for a gallon of regular gasoline rose nearly 27 cents in the last week through Thursday to $3.25, based on data from AAA. That is what happens when war hits supply, oil jumps, and the rest of the market starts scrambling at the same time. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
