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Oil Price Surges as US-Iran Conflict Continues

02:07am, Monday, 02'nd Mar 2026
Oil surged by the most in four years as traders gauged the impact of the effective closure of the Strait of Hormuz as the conflict between the US and Iran continues.  Iranian authorities said on Sund
Strait of Hormuz tensions put 20% of global oil at risk as Brent eyes $80. Discover how geopolitical friction and OPEC+ hikes are reshaping the energy forecast.
Barclays' Ajay Rajadhyaksha states oil price spikes from geopolitical tensions have historically been brief, advising focus on longer-dated futures over spot prices. He views copper declines, tied to
Oil prices surged late Sunday with Brent crude briefly hitting $82.37, amid growing fears of Middle East supply disruptions as the Iran conflict escalates.
Crude hasn't hit that level since the start of the war between Russia-Ukraine.
Analysts expect oil prices to remain elevated over the coming days with conflict escalating in the Middle East, as they assess the impact to supplies, especially flows through the Strait of Hormuz, a
Oil price reporting agency S&P Global Platts is suspending bids and offers for price assessments of Middle East refined products that transit the Strait of Hormuz because of shipping disruptions from
Tit-for-tat strikes have raised questions about whether Iran will interfere with tankers hauling oil and fuel through the Strait of Hormuz.
Oil jumped in the early morning Asian session as military strikes by the U.S. and Israel against Iran heighten supply disruption concerns.
Oil prices surged more than 8% to their highest in months as Iran and Israel stepped up attacks, damaging tankers and disrupting shipments from the key producing region.
OPEC+ has a history of raising oil output to cushion disruptions but analysts said the group currently has little spare capacity to add to supply.
Crude-oil markets won't officially open for a few more hours, but traders are already using prediction markets like Kalshi to take bets on where prices will settle on Monday.
Tanker traffic through the Strait of Hormuz has effectively come to a stop as shipping companies take precautionary measures, analysts said. About a third of the world's seaborne oil exports passed th
Traffic through the Strait of Hormuz has dropped off amid warnings from the Iranian Revolutionary Guard. What happens next could have major implications for the global economy.
Markets were expected to react to the outbreak of conflict in Iran this weekend.
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