March 2, 2026
US Oil Jumps 7 Percent, Set to Open Above $71 as Iran Takes Center Stage
'For energy markets, we expect an aggressive price response when markets open,' ING commodity strategist Warren Patterson said.
TL;DR
- U.S. crude oil prices are expected to open above $71 per barrel for the March 2 trading session.
- West Texas Intermediate (WTI) crude futures rose more than 7% to over $71 on the New York Mercantile Exchange.
- Brent crude, the international benchmark, also increased more than 7% to above $78 a barrel on London's ICE Futures exchange.
- Both WTI and Brent have seen substantial gains this year, rising 25% and 29% respectively, largely due to geopolitical tensions.
- The sustainability of the current oil price rally is uncertain.
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