Iran War: Oil Set for Weekly Surge as War Heads Toward 4th Week | The Opening Trade 3/20/2026

Oil headed for another weekly gain as the war in the Middle East dragged on, with the Strait of Hormuz all-but-closed, strikes continuing across the region, and analysts warning the crisis may deepen.

Brent traded above a $108 barrel, up more than 5% this week, after closing on Thursday at the highest since mid-2022. West Texas Intermediate for May was around $94. In the region, the Islamic Revolutionary Guard Corps said it was still able to produce missiles, the semi-official Fars news agency reported. Elsewhere, Kuwait shut down several units at Al Ahmadi Refinery following drone attacks, and Saudi Arabia intercepted missiles.

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