Brent Rises Further on Heightened Mideast Tensions

2026-03-02 23:42 By Jam Kaimo Samonte 1 min. read

Brent crude rose more than 8% toward $85 per barrel on Tuesday, touching its highest level since January 2025, as traders tracked escalating hostilities in the Middle East and mounting risks of a full shutdown of the Strait of Hormuz.

Trump said the US would do “whatever it takes” when asked how long the war with Iran could persist.

A senior US official also reportedly indicated that the US was preparing a significant escalation in strikes on Iran within the next 24 hours, targeting its missile production, drones and naval assets.

Meanwhile, a high-ranking Iranian official warned that ships attempting to transit the strait could be targeted.

Tanker flows through the Strait of Hormuz, a vital chokepoint accounting for roughly one-fifth of global oil shipments, have effectively stalled amid heightened security risks.

Saudi Aramco also temporarily suspended operations at its Ras Tanura refinery, the kingdom’s largest, while evaluating damage after a drone strike hit the facility.



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