Oil Rises Further on Heightened Mideast Tensions

2026-03-02 23:41 By Jam Kaimo Samonte 1 min. read

WTI crude futures rose more than 1% to above $72 per barrel on Tuesday after rallying roughly 6% in the prior session, 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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Oil Rises Further on Heightened Mideast Tensions
WTI crude futures rose more than 1% to above $72 per barrel on Tuesday after rallying roughly 6% in the prior session, 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.
2026-03-02
Oil Prices Soar as Middle East Tensions Intensify
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.
2026-03-02
Oil Surges on Middle East War
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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