Oil Prices in the U.S. Surge to Record Weekly High Since 1983

The benchmark crude oil in the United States has experienced its most significant weekly rise since the West Texas Intermediate (WTI) contract was established in March 1983. This surge is largely driven by the intensifying conflict with Iran and increasing fears of a prolonged disruption in global energy supply.

According to a report from Telemundo, U.S. crude oil prices skyrocketed by more than 12% on Friday, surpassing $91 per barrel, marking the highest level since October 2023.

In tandem, Brent crude, the international oil benchmark, also saw a considerable rise. The report indicates it increased by over 9%, climbing past $94 per barrel, reaching its peak since April 2024.

These movements are primarily attributed to mounting concerns in the markets about the impact of the conflict with Iran on production, storage, refining, and export routes of energy in the Middle East.

The main catalyst for this price upheaval was the escalation of the conflict, which shifted from being seen as an abstract geopolitical risk to a tangible operational disruption in the energy market.

Following the release of the report on oil price increases, President Donald Trump declared on Truth Social, "There will be no deal with Iran except unconditional surrender!"

Among the factors fueling the tension is the potential impact on supply in several countries across the region. A report from The Wall Street Journal mentions that Kuwait has started reducing production in some fields due to a lack of storage space for its bottled crude.

Although NBC News was unable to immediately verify this information, the document adds that industry analysts have been warning of this scenario in recent days.

Adjustments are also reported among other energy producers. Earlier in the week, according to the material provided, Qatar's state energy company reduced the production of liquefied natural gas and other energy products.

Additionally, analysts from JPMorgan, cited in the text, indicate that Iraq has cut its production by 1.5 million barrels per day and warn that another 4 million barrels per day could be affected by the end of next week if the situation continues.

A particularly sensitive element in this situation is the Strait of Hormuz, a critical chokepoint for global energy transit.

The report states that hundreds of vessels loaded with oil and liquefied natural gas are stranded off Iran's coast, unable to cross over to the global market. It adds that more than 20% of the world's daily oil supply typically passes through this maritime route off Iran's southern coast.

This paralysis has further heightened alarm among analysts and investors. In a Friday morning note cited in the text, JPMorgan Chase specialists pointed out that, on the sixth day of the conflict, commercial traffic through the Strait of Hormuz remained "practically nonexistent."

According to these analysts, the market has moved from assessing pure geopolitical risk to confronting a real disruption of operations, with refinery shutdowns and export restrictions beginning to affect crude processing and regional supply flows.

The impact is evident not only in crude oil but also in other fuels and the broader U.S. economy. Since the conflict began last weekend, U.S. crude prices have risen by 35%, according to the document.

This price hike has been passed on to gasoline: the national average was around $3.32 per gallon on Friday morning, nearly 35 cents more than on Sunday, according to data cited from GasBuddy and the American Automobile Association.

The text adds that U.S. natural gas prices increased by more than 6% on Friday, while wholesale gas prices, known as RBOB, rose 2.5%.

The energy surge coincided with a negative day on Wall Street. The document indicates that the S&P 500 fell by more than 1% in the late afternoon, the Dow Jones dropped 475 points, and the Nasdaq Composite declined by 1.1%.

The markets also responded to a bleak labor report, which showed the U.S. economy lost 92,000 jobs in February, along with downward revisions to the previous two reports.

This combination of war, expensive oil, commercial uncertainty, and weakening employment has sparked new concerns about the economic trajectory. Elyse Ausenbaugh, investment strategy director at J.P. Morgan Wealth Management, stated in the text that the pace of job creation has been considerably slower than in 2024 and much of 2025.

She added that when considering the rise in oil prices due to the Middle East conflict and renewed tariff uncertainty, the result is a "complicated and stagflationary" mix of risks in the context of the Federal Reserve.

The episode also impacts one of Trump's central economic promises. During the 2024 election campaign, the document recalls, the president vowed to cut energy costs in half within 12 months.

However, the text claims that inflation surged after the introduction of widespread tariffs in April, and although the Administration reversed some of them, inflation remains above 2%, a level still deemed acceptable by the Federal Reserve.

Administration officials had promised a drop in gasoline prices following the capture of Nicolás Maduro and efforts to open the Venezuelan economy with interim leader Delcy Rodríguez, though oil companies have been skeptical about investing in that country.

In this context, Trump told Reuters on Thursday that gasoline prices "will drop very quickly when this is over" and that if they do rise, it will be only slightly because, as he said, the conflict is "much more important" than the price of fuel.