Oil prices surge 13% after US and Israel strike Iran

LootboxPhobia · 2026-03-02T02:04:45+00:00

On Monday, due to the US and Israel's attacks on Iran, oil prices surged significantly, with Brent crude futures rising by as much as 13%. Iran later retaliated against Israel and pro-American countries, attacking ships in the Strait of Hormuz, which could lead to supply disruptions. Analysts stated that the threat to oil supply has intensified. OPEC agreed to increase production to partially offset the impact.

LootboxPhobia

2026-03-02 02:04:45

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Investing.com - On Monday during Asian trading hours, oil prices opened sharply higher after the US and Israel launched a series of attacks on Iran, with the market pricing in higher risk premiums and supply disruption risks.

Brent crude futures opened up 13% to $82.0 per barrel, then the gains narrowed.

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Over the weekend, the US and Israel launched strikes against Iran, resulting in hundreds of deaths, including Supreme Leader Ayatollah Khamenei and several senior officials.

Iran retaliated with missile attacks on Israel and several Middle Eastern countries allied with the US, including Bahrain, Kuwait, Qatar, and the UAE.

Iran was also found to have attacked multiple ships passing through the Strait of Hormuz, which could signal upcoming supply disruptions in the oil market.

ANZ Bank analysts stated in a report: “As retaliatory actions have now escalated to attacks on oil tankers in the Strait of Hormuz, the threat to oil supply has significantly increased.”

The Strait of Hormuz is a critical shipping route for the oil industry, with about 20% of global oil consumption transported through this waterway.

Additionally, OPEC and its allies agreed on Sunday to increase production by 206,000 barrels per day—this move could offset some of the supply disruptions caused by the US-Iran conflict.

US President Donald Trump stated on Sunday evening that military actions against Iran will continue in the coming days, warning that more US military personnel could be lost.

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