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