Oil Prices Soar as Middle East Tensions Intensify

2026-03-02 13:09 By Joana Taborda 1 min. read

WTI crude futures surged more than 8% on Monday, climbing above $72 a barrel, the highest level since June last year, amid escalating tensions in the Middle East and concerns over potential disruptions in the Strait of Hormuz, a critical chokepoint that handles roughly one-fifth of global oil shipments.

Shipping companies have begun rerouting vessels away from the narrow waterway as a precaution.

The spike in prices followed a series of strikes by the US and Israel on Iran, which prompted retaliatory attacks by Tehran against regional targets.

Saudi Aramco temporarily halted operations at its Ras Tanura refinery, the kingdom’s largest, while assessing damage after a drone attack targeted the facility.

Meanwhile, OPEC+ on Sunday agreed to raise output by 206,000 barrels per day in April, ending a three-month pause.

However, this increase fell short of the 411,000–548,000 barrels per day that had been under previous consideration, keeping the market on edge amid geopolitical uncertainty.



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Oil Prices Soar as Middle East Tensions Intensify
WTI crude futures surged more than 8% on Monday, climbing above $72 a barrel, the highest level since June last year, amid escalating tensions in the Middle East and concerns over potential disruptions in the Strait of Hormuz, a critical chokepoint that handles roughly one-fifth of global oil shipments. Shipping companies have begun rerouting vessels away from the narrow waterway as a precaution. The spike in prices followed a series of strikes by the US and Israel on Iran, which prompted retaliatory attacks by Tehran against regional targets. Saudi Aramco temporarily halted operations at its Ras Tanura refinery, the kingdom’s largest, while assessing damage after a drone attack targeted the facility. Meanwhile, OPEC+ on Sunday agreed to raise output by 206,000 barrels per day in April, ending a three-month pause. However, this increase fell short of the 411,000–548,000 barrels per day that had been under previous consideration, keeping the market on edge amid geopolitical uncertainty.
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WTI crude oil futures rose more than 7% toward $72 per barrel on Monday, the highest in over eight months, after earlier surging as much as 10% as unprecedented joint US and Israeli strikes on Iran sharply escalated tensions across the Middle East. 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, but shipping companies quickly began rerouting vessels away from the narrow waterway. Iran has also launched retaliatory missile barrages at US bases across neighboring countries, including the UAE, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria. Meanwhile, OPEC+ agreed on Sunday to increase production by 206,000 bpd in April, ending a three-month pause, but well below the 411,000–548,000 bpd that had been previously considered.
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Oil Set to Rise Sharply
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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