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The benchmark crude oil in the United States recorded its largest weekly increase since the creation of the West Texas Intermediate (WTI) contract in March 1983, driven by the escalation of the war with Iran and growing fears of a prolonged disruption of global energy supplies.
According to a report from Telemundo, U.S. crude surged more than 12% this Friday, surpassing 91 dollars per barrel and reaching its highest level since October 2023.
At the same time, Brent, the international benchmark for oil, also saw a significant increase. The text notes that it rose by more than 9% and surpassed $94 per barrel, reaching its highest level since April 2024.
Both movements were attributed to the growing concern of the markets regarding the impact that the war with Iran could have on the production, storage, refining, and export routes of energy in the Middle East.
The main trigger for this shake-up in prices was the escalation of the conflict and the perception that it is no longer just an abstract geopolitical risk, but a concrete operational disruption in the energy market.
The document notes that, shortly after the report on the rise in oil prices was released, President Donald Trump posted on Truth Social: “There will be no agreement with Iran except for unconditional surrender!”
Among the factors fueling the tension is the potential impact on supply in several countries in the region. The text mentions a report from The Wall Street Journal stating that Kuwait has begun to reduce production at some fields after running out of space to store its bottled crude oil.
Although NBC News stated that it could not immediately verify that information, the document adds that industry analysts had been warning about this scenario in recent days.
Adjustments are also reported among other energy producers. Earlier this week, according to the provided information, Qatar's state-owned energy company reduced the production of liquefied natural gas and other energy products.
In addition, analysts from JPMorgan mentioned in the text indicate that Iraq has cut its production by 1.5 million barrels per day and warn that another 4 million barrels per day could be affected by the end of next week if the situation persists.
One of the most sensitive elements of the landscape is the Strait of Hormuz, a crucial hub for global energy transit.
The report states that hundreds of vessels loaded with oil and liquefied natural gas remain blocked off the coast of Iran, unable to cross into the global market. It adds that more than 20% of the world's daily oil supply typically passes through that maritime route located off the southern coast of Iran.
The paralysis in that area has heightened alarm among analysts and investors even further. In a note on Friday morning referenced in the text, specialists from JPMorgan Chase indicated that, on the sixth day of the conflict, commercial traffic through the Strait of Hormuz remained "practically nonexistent."
In the opinion of these analysts, the market has shifted from assessing pure geopolitical risk to confronting a tangible disruption of operations, due to the closure of refineries and export restrictions that are already beginning to impact crude processing and regional supply flows.
The impact is already reflected not only in crude oil but also in other fuels and the U.S. economy as a whole. Since the war began last weekend, the price of U.S. crude oil has risen by 35%, according to the document.
This price increase was reflected in gasoline: the national average hovered around $3.32 per gallon on Friday morning, almost 35 cents higher than on Sunday, according to data cited from GasBuddy and the American Automobile Association.
The text adds that natural gas prices in the United States increased by more than 6% on Friday, while wholesale gas prices, known as RBOB, rose by 2.5%.
The energy surge coincided with a negative day on Wall Street. The report indicates that the S&P 500 was down more than 1% by late afternoon, the Dow Jones dropped 475 points, and the Nasdaq Composite fell by 1.1%.
Markets also reacted to a labor report deemed bleak, which indicated that the U.S. economy lost 92,000 jobs in February, in addition to downward revisions of the previous two reports.
This combination of war, expensive oil, trade uncertainty, and job weakening has sparked new alarms regarding the direction of the economy. Elyse Ausenbaugh, director of investment strategy at J.P. Morgan Wealth Management, stated in the text that the pace of job creation has been significantly slower than in 2024 and for much of 2025.
He added that, if the rising oil prices due to the conflict in the Middle East and the renewed tariff uncertainty are factored in, the result is a mix of risks that is "complicated and stagflationary" in the context of the Federal Reserve.
The episode also strikes at one of Trump's central economic promises. During the 2024 election campaign, the document recalls, the president committed to halving energy costs within 12 months.
However, the text argues that inflation skyrocketed after the introduction of widespread tariffs in April and that, although the Administration rolled back some of them, inflation remains above 2%, a level that the Federal Reserve still considers acceptable.
Officials from the Administration had promised a drop in gasoline prices following the capture of Nicolás Maduro and the efforts to open the Venezuelan economy under interim leader Delcy Rodríguez, although oil companies have expressed skepticism about investing in that country.
In that context, Trump told Reuters on Thursday that gasoline prices “will go down very quickly when this is over” and that, if they do rise, it will only be a little because, he said, the conflict is “much more important” than the price of fuel.
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