economy
March 2, 2026
Oil and Gas Prices Soar After Iran Strikes
Oil and gas prices soared on Monday after the United States and Israel carried out strikes on Iran over the weekend that killed Iran’s supreme leader and other top officials.
TL;DR
- Oil and gas prices increased sharply after U.S. and Israeli strikes on Iran resulted in the death of Iran's supreme leader and other officials.
- The Strait of Hormuz was effectively closed to maritime vessels, disrupting a key route for 20% of global oil demand.
- U.S. benchmark West Texas Intermediate prices rose 7.3% to $71.91 a barrel, and Brent crude climbed 8.4% to nearly $78.99.
- Analysts warned that nearly 15 million barrels per day of Gulf crude and product exports are threatened, potentially driving prices over $100/bbl.
- Domestic natural gas futures also increased, with Qatar halting all liquefied natural gas production after its facilities were hit by an Iranian drone.
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