US EditionOil prices spike as key shipping route disrupted by Iran attacks
Iran's missile and drone attacks on tankers in the Strait of Hormuz disrupted 20% of global oil transit, pushing Brent crude prices up by 14%, analysts said.
- 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.
405 Articles
405 Articles
Iran Situation Causes Pain at the Pump
(Statewide) – Gas prices are going up locally, across Indiana, and throughout the country due to the volatile nature of the situation in Iran. Pain at the pump in Southeastern Indiana has ranged in recent days from $3.09 to $3.19 a gallon for regular unleaded, depending on location. GasBuddy petroleum analyst Patrick DeHaan says it’s because there is elevated risk as Iran threatens vessels that need to travel through the Strait of Hormuz. “That …
There is no possible defense of the Ayatollah regime in Iran. It is a theocratic system that restricts freedoms, jails dissidents and has subjected its population to a persistent economic crisis. There is a legitimate social movement that demands rights, openness and democracy.None of this is under discussion.But recognizing the authoritarian nature of the Iranian regime does not mean endorsing the unilateral decision to bomb its cities.On 28 Fe…
The crude moderates its advance to the closing and the Brent ends the day with an increase of 3.66 d lares, or 4.71%, to 81.40 d lares.
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WWBLRFA: Middle East Uncertainty Shows Need for Year-Round E15
(NAFB.com) – Because events in the Middle East have led to oil prices rising and the expectation of higher gasoline prices, the Renewable Fuels Association renewed its call for Congress to allow year-round E15. “Once again, events in the Middle East and the spike in oil prices demonstrate this country’s overreliance on foreign sources for our energy,” said RFA President and CEO Geoff Cooper. “We need to take every action we can to insulate our n…
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