Shares of energy companies ticked down as U.S.-traded oil futures neared the $100-a-barrel level.
West Texas Intermediate futures ticked down 39 cents for the week, finishing at $98.32 a barrel. The globally traded Brent contract finished the week 9% higher at $112.19 and could top $180 a barrel if the Iran war continues beyond April, according to estimates from oil planners in Saudi Arabia.
Some strategists say major U.S. oil companies would not benefit from a short, sharp increase in fuel prices because it could cause demand destruction.
This week, Iran responded to an Israeli attack on its South Pars natural-gas field by striking energy infrastructure across the Persian Gulf region. That exacerbated concerns about supply shortages caused by Iran's blockade of the Strait of Hormuz.
The U.S. and its allies have intensified the battle to reopen the Strait of Hormuz, sending low-flying attack jets over the sea lanes to blast Iranian naval vessels and Apache helicopters to shoot down Iran's deadly drones.
One brokerage said there was no clear end to the war between the U.S.-and-Israel and Iran in sight.
"All three parties can sustain 'success' narratives, which reduces incentives to de-escalate," said strategists at brokerage Jefferies. "There is no credible mediator that all three trust, with channels constrained across the UN, local interlocutors, Europe, and China."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
March 20, 2026 17:42 ET (21:42 GMT)
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