Oil prices experienced a significant surge on March 2, 2026, following joint US-Israeli military strikes on Iran and subsequent retaliatory actions, including the closure of the Strait of Hormuz – a critical oil chokepoint. Brent crude initially jumped as much as 13%, reaching $82.37 a barrel, before settling around $76-$79, while WTI also saw substantial gains. The closure of the Strait, through which approximately 20 million barrels of oil transit daily, has effectively halted tanker traffic, with over 150 freight ships stalled. Several tankers have reported damage. Analysts warn that prolonged disruption could drive prices above $100 a barrel, potentially reigniting global inflationary pressures. OPEC+ agreed to a modest output increase, but its impact is limited given the logistical challenges. Gold also rose as investors sought safe-haven assets. Shipping companies like Maersk have suspended crossings and rerouted cargo, adding to supply chain concerns. While some initial price spikes have been pared back, the market remains highly sensitive to further escalation and potential de-escalation signals.
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