In the past five days, WTI oil futures have risen 36 percent to $91.20 a barrel. This is the biggest weekly increase since records began in 1983, CNBC reports.
North Sea oil (Brent) has increased 28 percent this week and trades at $92.72 per barrel.
The increases come after the war spread to the region, disrupted oil production and almost completely stopped traffic in the key shipping route, the Strait of Hormuz.
Qatar's energy minister said on Friday that crude oil prices could reach $150 a barrel in the coming weeks if tankers cannot pass through the strait.
