Brent Surges on Middle East War

2026-03-01 23:13 By Jam Kaimo Samonte 1 min. read

Brent crude futures spiked by up to 12% at the open on Monday before easing back to trade more than 8% higher above $78 a barrel.

The rally following unprecedented coordinated strikes by the United States and Israel on Iran pushed prices to their highest level in eight months.

Markets are closely monitoring the risk of disruptions in the Strait of Hormuz, a vital chokepoint that handles roughly one-fifth of global oil shipments and significant volumes of natural gas.

Tehran insists the strait remains open, yet shipping companies quickly began rerouting vessels away from the narrow waterway.

Iran also launched attacks on US assets across neighboring states, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq and Syria.

Meanwhile, OPEC+ agreed on Sunday to increase production by 206,000 bpd in April, accounting for less than 0.2% of global demand.



News Stream
Brent Surges on Middle East War
Brent crude futures spiked by up to 12% at the open on Monday before easing back to trade more than 8% higher above $78 a barrel. The rally following unprecedented coordinated strikes by the United States and Israel on Iran pushed prices to their highest level in eight months. Markets are closely monitoring the risk of disruptions in the Strait of Hormuz, a vital chokepoint that handles roughly one-fifth of global oil shipments and significant volumes of natural gas. Tehran insists the strait remains open, yet shipping companies quickly began rerouting vessels away from the narrow waterway. Iran also launched attacks on US assets across neighboring states, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq and Syria. Meanwhile, OPEC+ agreed on Sunday to increase production by 206,000 bpd in April, accounting for less than 0.2% of global demand.
2026-03-01
Brent Set to Jump
Oil prices are poised to surge when trading resumes Sunday night, following unprecedented U.S. and Israeli strikes on Iran that have sharply escalated tensions in the Middle East. The developments have heightened fears of disruptions to global energy supplies, particularly as Iran blocked Strait of Hormuz traffic. Shipping companies swiftly began diverting vessels away from the narrow channel along Iran’s southern border that serves as a critical transit route for roughly one-fifth of the world’s oil and substantial volumes of natural gas. On Friday, brent futures climbed to around $73 per barrel, hitting near 8-month high, as traders reacted nervously to reports that U.S. officials left talks in Geneva disappointed with the lack of progress, even as Iranian and Omani participants struck a more optimistic tone.
2026-02-28
Brent Rises as Iran Nuclear Talks Extend
Brent crude oil futures rose above $72 per barrel on Friday following a choppy session, on track for a second straight monthly gain after the US and Iran agreed to continue nuclear negotiations next week. Iran described the latest Geneva talks as showing good progress, but a source familiar with the US position said American officials left the negotiations disappointed. Discussions will resume after consultations in each capital, alongside technical-level meetings scheduled next week in Vienna. Tensions persisted as Tehran said it would not allow enriched uranium to leave the country, while a large deployment of US forces in the Middle East kept markets on edge, as President Trump warned of possible military action if the two sides fail to reach an agreement. Meanwhile, traders will closely monitor Sunday’s scheduled OPEC+ supply meeting amid expectations of a broader oil glut.
2026-02-27