Oil prices rise sharply after attacks in Middle East disrupt global energy supply
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The price surge comes at a particularly challenging time for consumers worldwide, who will likely face higher costs for gasoline at the pump and increased prices for groceries and other goods as transportation costs rise. Iran, which exports roughly 1.6 million barrels of oil daily, mostly to China, has become a focal point of market concern. If Iranian exports face significant disruption, China may need to seek alternative supply sources, though analysts note the country possesses substantial strategic oil reserves and could potentially increase imports from Russia. The situation remains fluid as geopolitical tensions continue to evolve, with the market closely monitoring developments in the region and their potential impact on global energy supplies and economic stability.
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Oil prices rise sharply after attacks in Middle East disrupt global energy supply Oil prices have jumped as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf ripple through the global energy supply chain By CATHY BUSSEWITZ BUSINESS WRITER Associated Press March 1, 2026, 2:55 PM NEW YORK -- Oil prices rose sharply Monday as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf sent disruptions through the global energy supply chain . Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt. Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz , the narrow mouth of the Persian Gulf, have restricted countries’ ability to export oil to the rest of the world. Prolonged attacks would likely result in higher prices for crude oil and gasoline, according to energy experts. West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for $72.79 a barrel early Monday, up 8.6% from its trading price of about $67 on Friday, according to data from CME group. A barrel of Brent crude, the international standard, was trading at $79.41 per barrel early Monday, according to FactSet, up 9% from its trading price of $72.87 on Friday, at the time a seven-month high. Higher global energy prices mean consumers will pay more for gasoline at the pump and have to shell out more for groceries and other goods at a time when many are already feeling the impacts of elevated inflation . Roughly 15 million barrels of crude oil per day — about 20% of the world’s oil — are shipped through the Strait of Hormuz , making it the world’s most critical oil chokepoint, according to Rystad Energy. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UA...
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