US EditionOil prices spike as key shipping route disrupted by Iran attacks
Iran's attacks reduced tanker traffic in the Strait of Hormuz by over 90%, raising oil prices 10% and causing ships to reroute around Africa, increasing global energy costs.
- On Sunday, March 1, 2026, Brent crude climbed 13% to $82 a barrel in early trading in Asia after Iran attacked ships passing through the Strait of Hormuz.
- Following reports of the killing of Supreme Leader Ali Khamenei, Iran responded with missile barrages, with analysts saying Iran viewed this as a bid for regime change.
- At least three tankers were damaged by missile and drone strikes with one seafarer killed, while about 170 containerships reported delays as owners halted sailings and rerouted Europe-bound vessels around Africa.
- Stock futures plunged with S&P 500 futures down 1.1%, Nasdaq 100 futures down 1.2%, and Dow futures falling more than 500 points, while gold rose almost 2% above $5,360 and retail petrol prices could rise 20 cents per gallon soon.
- Ajay Parmar of ICIS said, 'We expect prices to open much closer to US$100 a barrel and perhaps exceed that level if we see a prolonged outage of the Strait,' amid Rystad Energy's forecast of prices rising to about US$92 when trade opens, despite OPEC+ raising output by 206,000 barrels from April.
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310 Articles
Iran attack engulfs the oil markets – ‘Could keep gasoline and other energy prices high’
https://url4027.email.politico.com/ss/c/u001.6g0Zd3AyneOViJYBXgbV65ZWHEH5gWGSDKLrcKzwr39-GpqLLEhl3yUWlhdOSFu773hKIvNDsmULcTWXVsBXqIOhVHSt7k3Mkwzz2CSpZ4458beOzAhkpc1G5AcSFtmr1aYvU3hj7AdHEF80RIW6qsuHRqKhYJLEWrBxqLUnM1k/4ol/F0wvm0gtSB2srbyPY2FMuA/h1/h001.DxY5ekx3cuyv16tx7DR5tD2xhIk2OEENaKeA_R7gneA BY ARIANNA SKIBELL The United States and Israel show no signs of slowing the military campaign against Iran. And that’s triggering an oil price spike tha…
Since this weekend, the regional conflict has jeopardized maritime traffic in the Strait of Ormuz, through which about 20 per cent of the world's oil flows. On Monday, Iran targeted mining sites in Qatar and Saudi Arabia. The price of oil and gas immediately blazed.
Mayor Claudia Sheinbaum is reviewing the impact on Mexico of the rise in oil prices stemming from the conflict between the United States and Iran with the Ministry of Finance. The Mayor reported that the issue is addressed during her weekly meeting with Finance Secretary Edgar Amador, with the aim of evaluating crude oil prices and their effects on the country. "I have a meeting with the Ministry of Finance every Monday morning, and we discuss …
How the war in Iran is impacting global energy markets
Oil and gas prices spiked on Monday as the Iran conflict escalated and shipping was disrupted in the Strait of Hormuz. About 20% of the world’s oil and liquified natural gas flows through the strait every day, making it one of the most crucial oil supply routes on the planet. William Brangham reports.
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