Brent Crude Rockets Ahead of the Biggest Weekly Jump Since 2022
After Israel’s latest strike on Iranian nuclear facilities, the oil market finally felt the tremors. Brent crude has surged, climbing to $74 a barrel on Friday—an impressive 7% jump that’s the largest lift we’ve seen in a full week since February 2022.
Why the Shake‑Up?
- Geopolitical nerves – The threat to Iran’s exports and the potential for shipping disruptions in the Strait of Hormuz (the artery that carries roughly 20% of global oil and even more LNG) has rattled traders.
- Demand‑side boost – U.S. inventory draw of 3.6 million barrels last week marks the third straight drop, tightening supplies and giving a lift to prices.
- Market sentiment – Analyst Derren Nathan of Hargreaves Lansdown notes that it’s not just the export outlook causing anxiety; the possibility of a shipping bottleneck is also a major worry.
Key Takeaway
With the combined pressures of geopolitical tension and falling stockpiles, Brent’s hefty 7% hike is signaling that oil markets aren’t letting the situation rest. Whether that trend will keep climbing or taper off remains to be seen—so keep an eye on those price rolls.
