economy
March 4, 2026
Oil prices spike over US-Israeli strikes on Iran
Oil prices briefly surged to an eight-month high as US-Israel attacks on Iran plunged the Middle East into renewed conflict
TL;DR
- Global oil prices surged up to 13% following US-Israeli strikes on Iran.
- Tanker traffic through the Strait of Hormuz, which carries 20% of global oil and gas, is heavily impacted.
- Brent crude reached a 14-month high of $82 per barrel before retreating.
- Two ships were attacked in the Strait of Hormuz, and a sanctioned tanker was struck off Oman's coast.
- Insurers warned of policy cancellations and increased coverage costs for vessels in the Gulf and Strait.
- Economist Yegor Susin estimated potential oil losses of 200-300 million barrels if disruption lasts four weeks.
- US President Donald Trump suggested the conflict could last for four to five weeks.
- The strikes resulted in the deaths of Iranian Supreme Leader Ayatollah Ali Khamenei and other officials.
- Iran has responded with airstrikes, and Hezbollah has launched cross-border attacks against Israel.
- Regional escalation includes Hezbollah's involvement and retaliatory strikes on Lebanese infrastructure.
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