Latest Oil Market News and Analysis for March 13

Oil rose from its highest close since August 2022 in one of the most volatile trading weeks ever, with investors bracing for more upheaval as Iran pledged to keep the Strait of Hormuz effectively shut.
West Texas Intermediate was modestly higher near $97 after climbing about 10% on Thursday following a dramatic week of extreme fluctuations. Brent oil closed above $100. In his first public comments since succeeding his father, Iran’s new supreme leader Mojtaba Khamenei said the Islamic Republic would seek to ensure the critical waterway for crude and natural gas stays closed.