The week that pushed oil prices from a partial retreat back above $100 a barrel will be remembered as one of the most turbulent in modern energy market history. Iranian strikes spread across multiple nations, emergency reserves were deployed on an unprecedented scale, and oil swung from $60 at the year’s start to a peak of $119 before settling near $98. Inside the trading rooms, government offices, and oil terminals of the world, the week’s events have forced a fundamental reassessment of energy risk.
Monday saw the biggest single-day spike, with oil surging 29% to hit $119 a barrel as the intensity of the conflict became clear. By Wednesday, conflicting remarks from President Trump had pulled prices back. Thursday brought fresh Iranian strikes on merchant vessels, fuel tanks in Bahrain, oil tankers near Iraq’s ports, and the area around Oman’s Mina Al Fahal terminal — pushing prices higher again. Three crew members aboard the Thai vessel Mayuree Naree were reported trapped.
Iraq shut all oil export ports. Oman cleared its main terminal. Bahrain placed residents under shelter-in-place orders. The Strait of Hormuz remained closed, as it has been since February 28. The IEA released 400 million barrels of emergency crude from 32 nations — a record. The US contributed 172 million barrels from its Strategic Petroleum Reserve.
Iran warned of $200-per-barrel oil. Saudi Aramco warned of catastrophic consequences for global markets. Deutsche Bank warned of stagflation risks. Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. It was a week of superlatives — and the crisis shows no sign of ending.
Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European natural gas gained 7.7%. The global energy system has been shaken to its foundations, and the aftershocks are likely to continue for months.
