economy
March 2, 2026
Oil soars amid Strait of Hormuz shipping fears as Iran war drives prices to nearly $80
The conflict in the Middle East has sent oil prices soaring, as Brent Crude hit a new 52-week high on Monday.
TL;DR
- Oil prices (Brent crude and WTI) hit new 52-week highs following U.S. and Israeli strikes on Iran.
- Global oil majors like Exxon Mobil, Chevron, Totalenergies, Shell, and BP saw stock price increases.
- Analysts predict oil prices will likely stay around $80, with a risk of reaching $100 if energy infrastructure is hit.
- The Strait of Hormuz, a critical oil shipping route, faces risks from individual vessel attacks rather than a complete closure.
- Shippers are cautious, posing challenges for Asian refiners to obtain Middle Eastern oil volumes.
- Some nations have contingency plans, but a significant portion of oil flow remains vulnerable.
- The duration of the U.S. military operation, dubbed Operation Epic Fury, could exert further upward pressure on prices.
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