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Oil Prices Surge as Middle East Tensions Escalate

By [Your Name], International Editor, nouvelles-du-monde.com

WASHINGTON – Oil prices jumped sharply Monday, fueled by escalating tensions in the Middle East following attacks involving the United States, Israel, and Iran. The surge raises concerns about potential disruptions to global energy supplies and the impact on already strained economies.

Brent crude, the international benchmark, was trading at $78.55 a barrel early Monday, a 7.8% increase from Friday’s seven-month high of $72.87, according to FactSet. West Texas Intermediate, the U.S. standard, rose around 7.3% to $72 a barrel from $67 on Friday, data from CME Group shows.

The price hikes come as traders assess the potential for a slowdown or halt in oil flow from Iran and other key Middle Eastern producers. Attacks targeting vessels traveling through the Strait of Hormuz, a critical chokepoint for global oil shipments, have heightened anxieties. Approximately 20% of the world’s oil – roughly 15 million barrels per day – passes through the strait, according to Rystad Energy. The waterway, bordered by Iran, is crucial for oil and gas exports from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE, and Iran itself.

“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, Rystad’s senior vice president and head of geopolitical analysis. “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.”

The Organization of the Petroleum Exporting Countries (OPEC+) announced Sunday it would boost production by 206,000 barrels per day in April, exceeding analyst expectations. The increase will come from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman. However, experts caution that increased production may not immediately offset potential supply disruptions caused by ongoing conflict.

Iran exports roughly 1.6 million barrels of oil a day, primarily to China. Any disruption to these exports could further exacerbate price increases. Iran temporarily shut down parts of the strait in mid-February for military drills, an action that previously led to a 6% jump in oil prices.

Higher energy prices threaten to add to inflationary pressures already impacting consumers worldwide, potentially leading to increased costs for gasoline, groceries, and other essential goods. The situation remains fluid, and the future trajectory of oil prices will depend on the actions of the United States, Israel, and Iran in the coming days and weeks.

Published: March 02, 2026 08:27 am IST.