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.



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