Global Oil Prices Surge Sharply Amid US-Iran Conflict Disrupting Middle Eastern Shipments

Global crude oil prices surged more than 8 per cent during trading on Monday, 2 March 2026 (local time), reaching their highest levels in recent months.

The price jump occurred following escalation of the conflict between the United States and Iran, which has disrupted oil shipments from the Middle East.

According to Reuters, Brent crude futures briefly touched $82.37 per barrel. By 23.05 GMT or 06.05 West Indonesian Time, prices stood at $79.34 per barrel, up $6.47 or 8.88 per cent.

West Texas Intermediate crude oil prices rose $5.36 or approximately 8 per cent to $72.38 per barrel. Prices briefly touched $75.33 per barrel during daily trading.

The conflict escalation has deepened regional uncertainty. The death of Iran’s Supreme Leader Ali Khamenei has triggered political upheaval and concerns over regional stability alongside its impacts on the global economy.

Amid mounting tensions, at least three tankers suffered damage off the Gulf coast, according to sources and shipping officials on Sunday.

One crew member was reported killed following retaliation strikes by Iran against United States and Israeli military operations. The incident has heightened risks for commercial vessels transiting the region.