U.S. oil prices notch record weekly gain of nearly 36%, as Middle East conflict spurs worries over production cuts

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0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',a=n._store.getNotifications(),r=n._generatePanelMarkup(o,a),i.innerHTML=r;break;case"error_panel":r=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=r}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(P))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),j=function(){function e(t,n,o){E(this,e);var i=this;i._store=n,i._view=o,i._config=t;var 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n,o,i,r=e.getConfig();if(t.ybar&&["desktop","tablet"].includes(r.device)&&(null===(n=r.bucketConfig)||void 0===n?void 0:n.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){t.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=t.searchForm)||void 0===i||i.classList.add(Ft[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Ft.overlay,Ft[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(t.searchForm,"focusout",(function(e){if(t.searchForm&&t.searchInput){var n=e.relatedTarget;n&&!t.searchForm.contains(n)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,o),Vt(e,o),o.searchGradientBorder){var i=!1;o.searchInput.addEventListener("keydown",(function(e){var 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Saefong and Steve GoldsteinFri, March 6, 2026 at 9:35 PM GMT+1 3 min readU.S. oil prices topped $90 a barrel on Friday. - MarketWatch/iStockphotoOil futures rallied Friday to their highest finish in over two years, with U.S. prices scoring a record weekly gain of nearly 36%, as the Iran conflict ran through a seventh day and the Middle East started to feel a squeeze in production and storage capacity.The simple equation is that the longer the Strait of Hormuz is “impassable,” the higher prices are likely to go, said Michael Brown, senior research strategist at Pepperstone. Around 20 million barrels per day of oil, or one-fifth of the world’s seaborne crude oil, passes through the strait.‘When he doesn’t get money, he becomes angry’: My brother has led a life of chaos and financial ruin. What is my moral obligation?These stocks in the S&P 500 have dropped the most since the U.S. and Israel attacked IranFour companies, including AI and data-center plays, are joining the S&P 500 indexShipping traffic through the waterway, one of the most important shipping routes in the world, has been virtually shut down as Israel and Iran continue to carry out strikes in the Middle East, following the initial U.S.-Israel attack on Iran last weekend.“Storage is an issue, and arguably that’s the main risk right now,” said Brown. “If production does need to be shutdown, as we’ve [reportedly] seen from fields in Kuwait and Iraq … it can take many weeks, or even months, to fully restart production to the level it was at previously.” That would prolong any gains seen in benchmark crude prices, he told MarketWatch.Read: Oil-production shutdowns loom as some Middle Eastern countries could run out of storageOn Friday, West Texas Intermediate oil CL00 for April delivery CLJ26 jumped 9.9% to settle at $90.90 a barrel. It tallied a weekly rise of almost 36%. That was the biggest weekly rise on record, which dates back to March 1983, according to Dow Jones Market Data. WTI oil marked its highest finish since September 2023.Brent crude BRN00 saw its May contract gain 8.5% to settle at $92.69, and was 27% higher for the week. That was also its best weekly performance on record and highest finish since September 2023.Read: Why the U.S.’s ‘newfound oil’ in Venezuela won’t offset an Iran oil shockQatar Energy Minister Saad al-Kaabi warned in the Financial Times that the Middle East conflict could force Persian Gulf countries to halt energy shipments within a matter of weeks. He said that could drive oil to $150 a barrel and bring down the economies of the world.Kuwait, meanwhile, has started to cut production at some of its oil fields because of a lack of room to store its crude, the Wall Street Journal reported, citing people familiar with the matter.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,740.02 -90.69 (-1.33%)Dow 3047,501.55 -453.19 (-0.95%)Nasdaq22,387.68 -361.31 (-1.59%)Russell 20002,525.30 -60.27 (-2.33%)VIX29.49 +5.74 (+24.17%)Gold5,158.70 +80.00 (+1.58%)Trending tickersBTC-USD Bitcoin USD 66,956.81 -1,341.30 (-1.96%)ETH-USD Ethereum USD 1,941.61 -41.47 (-2.09%)XRP-USD XRP USD 1.35 -0.02 (-1.39%)BTC-CAD Bitcoin CAD 90,910.60 -1,821.16 (-1.96%)SOL-USD Solana USD 82.42 -2.13 (-2.52%)PortfolioSign in to access your portfolioSign inTop gainersDAWN Day One Biopharmaceuticals, Inc. 21.20 +8.42 (+65.88%)IOT Samsara Inc. 35.36 +5.78 (+19.54%)MRVL Marvell Technology, Inc. 89.57 +13.89 (+18.35%)EMAT Evolution Metals & Technologies Corp. 9.76 +1.25 (+14.69%)IOVA Iovance Biotherapeutics, Inc. 5.13 +0.55 (+12.01%)Top losersINGM Ingram Micro Holding Corporation 22.06 -4.30 (-16.31%)BE Bloom Energy Corporation 135.19 -24.80 (-15.50%)GAP The Gap, Inc. 23.28 -3.92 (-14.41%)LITE Lumentum Holdings Inc. 558.44 -92.38 (-14.19%)JEF Jefferies Financial Group Inc. 38.29 -5.99 (-13.53%)Most activeNVDA NVIDIA Corporation 177.82 -5.52 (-3.01%)ONDS Ondas Inc. 9.83 -0.63 (-6.05%)AAL American Airlines Group Inc. 11.18 -0.61 (-5.17%)MRVL Marvell Technology, Inc. 89.57 +13.89 (+18.35%)BBD Banco Bradesco S.A. 3.6800 -0.0600 (-1.60%)Top economic eventsEarnings eventsMy earnings eventsEarnings events