US EditionOil prices spike as key shipping route disrupted by Iran attacks
Iran's attacks closed the Strait of Hormuz, halting 8 to 10 million barrels per day of oil flow and pushing Brent crude prices up nearly 10%, 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.
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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…
Associated Press News
Iran war disrupts global ocean freight and air cargo supply chains beyond oil
The Iran war has halted oil tanker movement in the key Strait of Hormuz. The conflict is also disrupting the wider global supply chain beyond oil, affecting everything from pharmaceuticals from India, semiconductors from Asia and oil-derived products like fertilizers that come from the Middle East.
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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