Last mentioned: Mar 2, 2026
Market Spike
Oil prices jump 8% as trading opens following the weekend attacks.
Military Escalation
U.S. and Israeli attacks on Iran occur, followed by retaliatory strikes on Gulf installations.
Market Reaction
Oil prices spike 8% as Sunday night trading begins, with Brent hitting $79.
Military Escalation
U.S. and Israeli strikes on Iran; retaliatory strikes on Gulf installations and vessels.
Pre-Conflict High
Brent crude reaches a seven-month high of $72.87 per barrel.
Market Close
Brent crude finishes the week at $72.87, then a seven-month high.
February Drills
Iran temporarily shuts parts of the Strait of Hormuz for military drills, causing a 6% oil price jump.
Hormuz Military Drill
Iran temporarily shuts parts of the Strait, causing a 6% price jump.
Global oil benchmarks WTI and Brent surged 8% in Sunday trading following a series of military strikes between the U.S., Israel, and Iran. The escalation has targeted the Strait of Hormuz, a critical maritime chokepoint responsible for 20% of the world's oil supply.
Oil prices spiked as U.S. and Israeli strikes on Iran, followed by retaliatory attacks on Gulf installations, disrupted global energy supply chains. With the Strait of Hormuz—a transit point for 20% of the world's oil—facing active threats, Brent crude jumped to $79 per barrel amid fears of a prolonged regional conflict.
Global oil prices surged 8% following military strikes between the U.S., Israel, and Iran, disrupting the critical Strait of Hormuz supply route. This escalation threatens to drive up logistics costs and consumer prices across the e-commerce and retail sectors.