Oil prices spike after ship attacks near Strait of Hormuz escalate Iran crisis
Updated 3/2/2026 9:26:00 AM
Arab Finance: Oil prices jumped on Monday, as the Iranian crisis worsened after at least three ships were attacked near the Strait of Hormuz.
Brent crude rose by around 8%, nearing $79 a barrel, while the US crude increased by 7.6% to $72.10 a barrel.
Meanwhile, analysts expect oil prices to remain elevated over the coming days with conflict escalating in the Middle East.
Wood Mackenzie said oil prices could potentially exceed $100 per barrel if tanker flows through the Strait aren't quickly restored.
"The disruption creates a dual supply shock: not only are current exports through the Strait halted, but OPEC+ additional volumes and ultimately most of OPEC’s spare capacity—typically a key lever for balancing the global oil market—are inaccessible while the waterway remains closed," WoodMac analysts said in a note.
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