Oil prices were on track for their largest weekly increase since April 2020 on Friday as the conflict involving Iran approached the one-week mark and shipping through the critical Strait of Hormuz remained largely halted.

Brent crude, the international benchmark, has risen about 30% since the close of trading last Friday before the conflict began, climbing above $94 per barrel, The Caspian Post reports, citing foreign media.

Meanwhile, the US benchmark West Texas Intermediate (WTI) crude has surged even more sharply, gaining around 37% and briefly crossing the $92 per barrel mark.

The rally has pushed both benchmarks to levels not seen in months. Brent crude is trading at its highest level since April 2024, while WTI has reached prices last recorded in October 2023. The surge is being driven by what analysts describe as one of the largest supply shocks in recent years.

Under normal conditions, roughly one-fifth of the world’s seaborne oil supply passes through the Strait of Hormuz. With transit through the strategic waterway effectively halted, about 16 million barrels of oil have been left stranded in the Persian Gulf, with only limited alternative routes available to reach global markets, according to data from Vortexa.