(Bloomberg) – U.S. oil futures surged above $90 a barrel for the first time since October 2023 as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.
The U.S. benchmark added more than 11%and was on track for the biggest weekly percentage gain in at least two decades. Global benchmark Brent surged more than 8% to trade above $92 a barrel.
Citigroup Inc. estimated that the crude oil market is losing about 7 million to 11 million barrels a day of supply due to the disruption through Hormuz, a chokepoint for a fifth of global oil flows.
Map of the Strait of Hormuz. (Map Source: Global Energy Infrastructure.)
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