New Delhi, March 6 -- Global crude oil prices are on track to register the biggest weekly surge in four years as the war in the Middle East has unleashed a wave of disruption across energy markets, with maritime traffic in the Strait of Hormuz grinding to a near-complete halt, which has kept crude oil prices in a boiling zone.

Brent crude futures have already jumped 22% this week so far, putting them on track for the biggest weekly surge since February 2022, when they gained 25.4%. Oil markets have been rocked by the conflict, which has ensnared about a dozen nations since the United States and Israel launched their campaign on 28 February.

To be precise, prices have been marching higher since late December and have strengthened by 50% ...