U.S. crude oil recorded its biggest weekly gain on record, dating back to the inception of the West Texas Intermediate oil contract in March 1983, as the escalating Iran war threatens global energy supplies.
On Friday alone, U.S. crude oil spiked more than 12% to more than $91 per barrel, its highest price since late 2022.
Since the start of the year, the price of U.S. crude has risen nearly 60%.
Brent, the international oil benchmark, broke $94 per barrel as it jumped more than 9% to its highest level since late 2023.
The move in prices came amid growing fears that the Iran war could lead to long-term energy supply issues. A report from The Wall Street Journal said that Kuwait had “begun cutting production at some oil fields after running out of room to store its bottled-up crude.” NBC News was not immediately able to verify the report, but industry analysts have been warning of the possibility in recent days.