Oil Holds Near $100 as Iran War Drives Biggest Weekly Surge

Global oil prices are hovering near the $100 per barrel level as geopolitical tensions tied to the Iran war continue to disrupt energy markets. U.S. benchmark West Texas Intermediate (WTI) crude posted its largest weekly gain since the 1980s after fears of supply disruptions intensified across the Middle East.

The surge comes as military actions involving the United States and its allies raised concerns about oil production and shipping routes in the Persian Gulf. The conflict has heightened risks around the Strait of Hormuz, one of the world’s most critical oil transit chokepoints, pushing both Brent crude and WTI prices sharply higher and briefly above the $100 mark.

U.S. President Donald Trump downplayed the economic impact of rising energy prices, describing the spike as temporary. In public remarks and social media posts, Trump said the United States has "ammunition and plenty of time" to continue the fight against Iran and argued that higher oil prices are a small price to pay for long‑term security.

Market analysts warn that volatility could remain elevated if tensions escalate or if shipping through the Strait of Hormuz is further disrupted. Because a significant share of global oil exports passes through the corridor, even limited disruptions can quickly tighten supply expectations and amplify price swings in energy markets.