This week, oil prices surged rapidly. By Friday, West Texas Intermediate crude closed at $90.90 per barrel, up 12.21% or $9.89 in a single session. Brent crude fell to $92.69 after rising 8.52% or $7.28. Over the week, the price of U.S. oil increased by 35.63%, marking the most significant weekly gain since trading began in 1983. The price of Brent crude jumped approximately 28%, representing the largest weekly increase since April 2020. The reason for this price surge is clear. On Friday, the seventh day of the war between the US and Iran, hostilities affected one of the world's most important shipping routes. Shipping traffic through the Strait of Hormuz has almost come to a halt, raising concerns about a broader supply disruption that could crash the oil and gas markets.