Oil prices climbed above $95 a barrel in weekend trading on Saturday as conflict between the United States and Iran disrupted tanker traffic through the Strait of Hormuz, according to pricing data from Intercontinental Exchange. Brent crude and West Texas Intermediate both posted their largest weekly gains in more than three years.

The rally followed reports of slowed shipping through the world's most important oil chokepoint, which handles roughly a fifth of global crude flows. Shipbrokers at Clarksons and marine insurers in London reported sharply higher war-risk premiums on vessels transiting the Gulf, prompting several operators to reroute or pause voyages.

Diesel markets have borne the brunt of the disruption, with refining margins widening and futures pushing pump prices higher across Europe and the United States. Traders on Investing.com noted that the diesel spike had lifted market-implied odds of a Federal Reserve rate hike, complicating the central bank's expected easing path.

The International Monetary Fund downgraded its global growth forecast this week, citing energy-market disruption from the conflict. Economists at Goldman Sachs and Morgan Stanley warned that sustained crude above $95 could add to inflation just as central banks had begun cutting rates.

A US Energy Information Administration spokesperson said domestic production forecasts for 2027 had been raised. However, analysts cautioned that additional American output would take months to reach the market and offered little near-term relief.