US Oil Posts Biggest Weekly Gain Ever as Iran War Rages On

US oil posted the biggest weekly gain on record as the war in Iran upends critical energy market flows, with shipping through the Strait of Hormuz at a near-total halt.

West Texas Intermediate added 12% on Friday to settle just below $91 a barrel, the largest daily jump in almost six years, while Brent closed near $93 a barrel. Iran warned that the European Union is a “legitimate” target if it joins the war, adding to bullish momentum.

The Wall Street Journal reported that Kuwait has begun cutting production at some oil fields after running out of places to store ...