Oil prices rise sharply in market trading after attacks in Middle East disrupt supply

**Oil Prices Surge Amid Middle East Tensions and Disruptions in Global Energy Supply**

New York – Oil prices surged sharply at the start of market trading Sunday, driven by escalating U.S. and Israeli attacks on Iran and retaliatory strikes targeting Israel and U.S. military installations around the Gulf. These developments have disrupted the global energy supply chain and raised concerns about a potential slowdown or halt in oil supplies from Iran and other parts of the Middle East.

Attacks across the region, including assaults on two vessels navigating the Strait of Hormuz—the narrow passage at the mouth of the Persian Gulf—have hampered the ability of several countries to export oil to global markets. Prolonged disruptions in this critical shipping route are expected to push crude oil and gasoline prices higher, according to energy experts.

West Texas Intermediate (WTI), the U.S.-produced light, sweet crude oil, was trading around $72 per barrel Sunday night, marking an 8% increase from approximately $67 per barrel on Friday. Similarly, Brent crude, the international benchmark, rose about 8% to trade near $79 per barrel, up from $72.87 on Friday, based on data from FactSet and CME Group.

The Strait of Hormuz remains the world’s most crucial oil chokepoint, with roughly 15 million barrels of crude oil—about 20% of global oil shipments—passing through it daily, according to Rystad Energy. Tankers traversing this strait, which borders Iran to the north, transport oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates, and Iran.

Earlier this year, Iran temporarily closed parts of the strait, citing a military drill conducted in mid-February. Any further interruptions in this vital shipping channel could tighten oil supplies worldwide, leading to sustained price increases.

Amid these tensions and supply concerns, eight members of the OPEC+ oil cartel announced plans to boost crude oil production starting Sunday. The Organization of Petroleum Exporting Countries revealed a scheduled increase of 206,000 barrels per day in April—exceeding analysts’ expectations. The producing countries involved in this output hike include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.

“Roughly one-fifth of global oil supply passes through the Strait of Hormuz, a vital artery for world trade, meaning markets are more concerned with whether barrels can move than with spare capacity on paper,” said Jorge León, senior vice president and head of geopolitical analysis at Rystad Energy, in an email statement. “If flows through the Gulf are constrained, additional production will provide limited immediate relief, making access to export routes far more important than headline output targets.”

Iran exports approximately 1.6 million barrels of oil daily, primarily to China. Should Iran’s exports face ongoing disruptions, countries like China may need to seek alternative suppliers, adding further upward pressure on energy prices.

In the face of geopolitical tensions and regional instability, market watchers remain cautious, closely monitoring developments that could impact the delicate balance of global oil supply and demand.
https://www.npr.org/2026/03/01/nx-s1-5731584/oil-prices-iran-us-israel-attacks-war

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