Brent Hits $87 As Oil Eyes Biggest Weekly Gain Since 2020

Oil prices shot up fast on Friday, heading for their biggest weekly jump in almost six years. Brent oil hit $87 a barrel.

This happened because war between the U.S., Israel, and Iran stopped ships in the Strait of Hormuz.

That path carries about one-fifth of the world’s sea oil.In London, Brent oil went up 2.1 per cent to $87.12. It has climbed more than 19 per cent in five days from last Friday’s $72.87. U.S. oil (WTI) also rose past $82 a barrel for the first time since mid-2024.

Analysts say that If the trend holds, this will be oil’s strongest weekly gain since the Saudi-Russia oil fight in spring 2020.

U.S. and Israeli forces hit Iran over the weekend. They killed top leader Ali Khamenei.
Iran fired retaliatory missiles back at Gulf countries. This shut down tankers in the Strait of Hormuz. About 15 million barrels of oil and fuel per day are stuck there.
“The main thing hurting oil now is no ships through the Strait of Hormuz,” said Jorge Leon from Rystad Energy.
Iran sits north of this path. It is the only sea way out for oil from Saudi Arabia, Iraq, Kuwait, UAE, and Qatar.
Prices jumped big. On Thursday, U.S. oil rose 8.51 per cent to $81.01—its best day since May 2020. Brent went up almost five per cent to $85.41. Since the attacks started, U.S. oil is up 21 per cent. Gas at pumps rose 27 cents to $3.25 a gallon on average—the sharpest weekly rise since Russia invaded Ukraine in March 2022, says AAA.President Donald Trump spoke from the White House on Monday. He said the war might last weeks. The U.S. will keep doing big strikes. This scared oil markets again. Brent broke $82 for the first time since January 2025.