Oil Set to Rise Sharply

2026-02-28 19:36 By Anna Fedec 1 min. read

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, WTI crude futures climbed to around $67 per barrel, hovering near a seven-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.



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