Oil Prices Soar as Middle East Tensions Intensify

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

WTI crude futures surged nearly 6% on Monday, climbing toward $71 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.



News Stream
Crude Oil Surges 11%
WTI crude oil futures soared over 11% to cross $112 per barrel, the highest in nearly four years, regaining traction on a volatile session as markets reconsidered the magnitude of supply risks from the ongoing war in the Persian Gulf. US President Trump pledged to escalate attacks on Iran and their infrastructure in the next weeks if Tehran does not accept American ceasefire conditions, prompting Tehran to retaliate the aggressive rhetoric. Earlier in the session oil prices have eased on reports that Oman and Iran were coordinating a toll for tankers crossing the Hormuz chokepoint, but optimism over the outlook of normalized supplies was short-lived. Consequently, dated Brent benchmarks rose to past $140 per barrel, the highest since 2008. Meanwhile, the UK is hosting talks with dozens of countries on securing the route, while OPEC+ is considering a potential output increase, though any additional supply is unlikely to impact markets in the near term.
2026-04-02
WTI Near $109 as Iran-Oman Talks Offer Cautious Hope
WTI crude futures pared some of their earlier gains to around $108.8 per barrel on Thursday, after surging more than 13% during the session, remaining close to their highest level since June 2022. Prices eased slightly following reports that Iran is working with Oman on a protocol to monitor traffic through the Strait of Hormuz, raising cautious hopes of improved oversight in the key shipping route. Still, the market remains supported by escalating tensions after President Donald Trump warned the conflict with Iran could continue for weeks and pledged intensified US strikes, heightening fears of prolonged supply disruptions. His remarks offered no clear path toward reopening the strait, reinforcing uncertainty. Meanwhile, the UK is hosting talks with dozens of countries on securing the route, while OPEC+ is considering a potential output increase, though any additional supply is unlikely to impact markets in the near term.
2026-04-02
Oil Jumps After Trump Warns Iran of Hard Strike
WTI crude oil futures surged more than 12% to above $112 per barrel on Thursday, the highest level since June 2022, after President Donald Trump signaled the Iran conflict could continue for weeks and warned of intensified US military action. His remarks, which included a pledge to strike Iran “extremely hard” over the coming weeks, raised fears of prolonged disruptions to global oil supply, particularly as no clear path to reopening the Strait of Hormuz was outlined. Markets reacted to the lack of any ceasefire or diplomatic signals, reinforcing concerns over tightening supply. Meanwhile, the UK is hosting a virtual meeting with around 40 countries to explore options for reopening the key shipping route, though the US is not expected to participate. OPEC+ is also considering a potential output increase, but any additional supply is unlikely to reach markets in the near term.
2026-04-02