Oil Prices Increase as Middle East Conflict Threatens Strait of Hormuz Flows

Brent crude neared $80 as Israel and the US signaled a prolonged campaign against Iran, fuelling fears of Hormuz disruptions that could drive oil toward $100.

A man walks away as a black plume of smoke rises from a warehouse in the industrial area of Sharjah City, United Arab Emirates, following reports of Iranian strikes in Dubai, on March 1, 2026. Altaf Qadri/AP Photo

Oil prices rose on March 2 as U.S and Israeli strikes on Iran and Tehran’s retaliation disrupted energy supplies through the Strait of Hormuz, a critical route for global oil and gas flows.

Brent crude jumped about 10 percent to $79.90 a barrel, briefly topping $80, according to Brent Crude Oil Futures, tracked on Yahoo Finance.