Oil prices rise sharply in market trading after attacks in Middle East disrupt supply
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The high prices came 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. (Image credit: Kamran Jebreili)
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Oil prices rise sharply in market trading after attacks in Middle East disrupt supply March 1, 2026 7:38 PM ET By The Associated Press Fishermen work in front of oil tankers south of the Strait of Hormuz on Jan. 19, 2012, offshore of the town of Ras Al Khaimah in United Arab Emirates. Kamran Jebreili/AP hide caption toggle caption Kamran Jebreili/AP NEW YORK — Oil prices rose sharply when market trading began Sunday, 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. Middle East conflict Here's how world leaders are reacting to the U.S.-Israel strikes on Iran West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $72 a barrel Sunday night, according to data from CME group, up around 8% from its trading price of about $67 on Friday. A barrel of Brent crude, the international standard, was trading at around $79 per barrel Sunday night, up about 8% from its trading price of $72.87 on Friday, according to FactSet. Middle East conflict Satellite images provide view inside Iran at war 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 UAE and Iran. Iran had temporarily shut d...
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