economy
March 1, 2026
Oil Price Expected to Surge After Iran Strikes and Strait of Hormuz Closure
Stock markets around the world could tumble on Monday and motorists are likely to pay more at the pump
TL;DR
- Oil prices are predicted to rise sharply due to conflict in the Middle East and the closure of the Strait of Hormuz.
- Iran's Revolutionary Guards reportedly prohibited ships from passing through the Strait of Hormuz, halting oil shipments.
- Approximately 20% of global oil supplies pass through the Strait of Hormuz annually.
- A tanker was attacked, and numerous others anchored offshore as traffic slowed significantly.
- Opec+ agreed to increase output by more than expected, but concerns remain about spare capacity.
- Fuel prices in the UK are expected to increase due to Middle East disruptions and government policy changes.
- Global investors are seeking safe-haven assets like gold and silver as stock markets are predicted to fall.
- Stock markets in the Gulf region experienced declines, with some suspensions of trading due to the hostilities.
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