(TJV NEWS) Global oil prices surged sharply this week as the war involving Iran, the United States, and Israel rattled energy markets and raised fears of major supply disruptions, according to reporting by CNBC.

Benchmark crude prices recorded one of their most dramatic weekly jumps in decades as traders scrambled to price in the possibility that Middle Eastern energy flows could be severely disrupted. As CNBC reported, U.S. West Texas Intermediate crude futures climbed more than 12% in a single trading session, settling around $90.90 per barrel, while Brent crude—the international benchmark—rose roughly 8.5% to close near $92.69 per barrel.

The explosive rally marked the largest weekly gain for oil futures since the early days of the COVID-19 pandemic in 2020. According to CNBC’s report, WTI surged more than 35% over the course of the week while Brent crude rose about 27%, underscoring how dramatically the conflict has shaken global commodity markets.

Energy traders say the spike reflects mounting fears that fighting could choke off shipments from the Persian Gulf, the most critical oil-exporting region in the world. Roughly one-fifth of global oil supply normally travels through the Strait of Hormuz, a narrow waterway separating Iran from Oman that serves as the primary shipping route for crude exported from Saudi Arabia, Iraq, Kuwait, Qatar, and the United Arab Emirates.

According to CNBC, tensions surrounding the strait have intensified since the outbreak of hostilities. Iran has warned shipping companies and foreign vessels about entering the waterway, and attacks in the region have already forced many tanker operators to halt or delay voyages through the corridor.

The disruption has sent shockwaves through the global energy trade. With Middle Eastern supplies suddenly uncertain, refiners and commodity traders around the world have begun searching for alternative barrels, driving up demand for crude produced in the United States and other regions.

As CNBC reported, analysts say the surge reflects both immediate supply risks and the potential for a broader escalation that could damage oil infrastructure or block exports entirely. If that scenario unfolds, the impact on global energy markets could be severe.

The rapid climb in prices has already started filtering through to the wider economy. Higher crude prices typically lead to rising gasoline and diesel costs, which can push up inflation and strain consumers. Investors also worry that sustained oil shocks could slow economic growth if energy costs remain elevated.

The conflict has also rattled financial markets, with stocks sliding as traders attempt to assess how long the war might last and whether energy supplies from the Gulf region could be further disrupted.

CNBC reported that market participants are closely watching developments in the Strait of Hormuz, since even partial disruptions could remove millions of barrels per day from the global market. Some analysts warn that if the conflict escalates further or spreads to additional oil-producing countries, prices could climb significantly higher in the coming week