March 2, 2026
Oil Prices Increase as Middle East Conflict Threatens Strait of Hormuz Flows
Brent crude neared $80 as Israel and the US signaled a prolonged campaign against Iran, fuelling fears of Hormuz disruptions that could drive oil toward $100.
TL;DR
- U.S. and Israeli strikes on Iran and Iran's retaliation disrupted energy supplies through the Strait of Hormuz.
- Brent crude prices jumped about 10 percent to $79.90 a barrel, briefly exceeding $80.
- U.S. crude prices rose more than 8 percent to approximately $72 a barrel.
- The pan-European STOXX 600, including oil and gas companies, fell 1.5 percent to 623.98 points.
- Israel launched new air strikes targeting Tehran and expanded military actions to include Hezbollah militants in Lebanon.
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