US Oil Jumps 7 Percent, Set to Open Above $71 as Iran Takes Center Stage

‘For energy markets, we expect an aggressive price response when markets open,’ ING commodity strategist Warren Patterson said.

Snow falls outside the New York Stock Exchange in New York City on Feb. 23, 2026. Seth Wenig/AP Photo

U.S. crude oil prices are poised to open the March 2 trading session above $71 per barrel following the weekend attack on Iran.

In futures trading, a barrel of West Texas Intermediate oil surged more than 7 percent to firmly above $71 on the New York Mercantile Exchange.