Oil Prices Rise 8 Per Cent Following US-Israel Strikes on Iran, Brent Crude Hits 79 Dollars
Oil prices surged sharply when trading opened on Sunday, 1 March 2026, following strikes by the United States and Israel against Iran and subsequent retaliatory attacks on Israeli and American military installations in the Gulf region. The escalation has triggered disruptions to global energy supply chains.
Market participants anticipate that oil supplies from Iran and the Middle East could slow or even cease entirely. Strikes at multiple locations, including attacks on two vessels transiting the Strait of Hormuz—the narrow passage at the mouth of the Persian Gulf—have limited the capacity of exporting nations to ship oil to global markets.
Prolonged hostilities could drive further increases in crude oil and petrol prices, according to energy analysts.
West Texas Intermediate (WTI) crude, the primary US benchmark, was trading at approximately 72 dollars per barrel on Sunday evening, representing an increase of around 8 per cent from 67 dollars per barrel on Friday, according to CME Group data.
Brent crude, the international benchmark, was trading at approximately 79 dollars per barrel, an increase of around 8 per cent from 72.87 dollars per barrel on Friday—which at that time marked the highest level in seven months, according to FactSet data.
The rise in global energy prices risks forcing consumers to pay more for fuel and essentials amid continued inflationary pressures across numerous countries.
Approximately 15 million barrels of crude oil per day, representing roughly 20 per cent of global oil supply, transit through the Strait of Hormuz, making it the most critical chokepoint in global oil trade, according to Rystad Energy. Tanker vessels passing through the strait transport oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates, and Iran.
Iran previously partially closed portions of the Strait of Hormuz in mid-February during military exercises, a move that temporarily drove oil prices up by around 6 per cent over the following days.