Crude Oil Spikes as Mideast War All But Halts Hormuz Ship Strait

Oil surged as the first impacts of the war in the Middle East began to be felt, with a near halt to traffic through the Strait of Hormuz and disruption at a big refinery in Saudi Arabia upending energy markets.

Brent futures settled about 6.7% higher to settle near $78 a barrel, the biggest gain since June 2025. The commodity extended gains post-settlement after a spokesperson for Iran’s Islamic Revolutionary Guard Corps said the country won’t let oil leave the region, according to state media. Diesel futures — the engine of the global economy — settled at the highest in nearly three years.