US EditionOil prices spike as key shipping route disrupted by Iran attacks
Iran's strikes disrupted tanker traffic through the Strait of Hormuz, where 20% of global oil passes, causing prices to rise over 7%, raising inflation concerns worldwide.
- 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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369 Articles
How the Iran War Could Impact Canada’s Fuel Prices and Energy Sector
Iran has effectively shut down the Strait of Hormuz and targeted ships and oil infrastructure in response to the attacks launched by the United States and Israel over the weekend, which will have impacts on Canada’s energy sector as well as fuel prices. Analysts have previously predicted that oil could hit more than US$100 a barrel in the event of the Strait of Hormuz being closed, as it serves as a key passageway essential for global energy sup…
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.
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