Oil markets are experiencing their largest weekly surge since 2022, with West Texas Intermediate rallying 19% as Middle East conflict disrupts global energy supplies. Futures briefly retreated toward $79 a barrel Friday after President Trump signaled potential intervention to ease price pressure. Brent crude hovered near $85 a barrel after hitting its highest level since mid-2024.

Iranian Foreign Minister Abbas Araghchi told NBC News that Tehran has no intention to negotiate or seek a ceasefire, while Israel continues airstrikes on Tehran. The conflict has now entangled roughly a dozen nations since the US and Israel launched their campaign on February 28. Shipping through the Strait of Hormuz has essentially halted, choking off oil supplies and forcing producers to shut in output.

Former US Energy Secretary Ernest Moniz warned on Bloomberg television that prolonged closure of the strait could push oil prices into triple digits. US Interior Secretary Doug Burgum said the administration is weighing options ranging from immediate actions to complex long-term moves, including potential releases from emergency oil inventories. In Asia, China has ordered major refiners to suspend diesel and gasoline exports to prioritize domestic needs, while Japanese refiners have requested government releases from strategic reserves.