Brent Soars in Strongest Weekly Rally Since 2022 in Oil & Companies News 07/03/2026 Brent crude oil futures climbed above $85 per barrel on Friday and were on track for their biggest weekly jump since 2022 as the escalating Middle East conflict severely disrupted global energy flows. The crisis has almost halted shipping through the Strait of Hormuz, a crucial route that normally handles about 20 million barrels of oil and petroleum products per day. Commercial traffic through the strait has nearly stopped due to security risks, insurance issues and operational uncertainty. Some producers have started shutting in output, tightening markets further. Meanwhile, tensions remain high after Abbas Araghchi said Iran was not seeking negotiations. The US signaled possible actions to ease pressure, including the potential release of oil from strategic reserves, while also temporarily allowing India to purchase some Russian crude already at sea. Saudi Arabia raised oil prices for Asian buyers and redirected shipments through Red Sea ports to bypass Hormuz. Source: Trading Economics 2026-03-07 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share