Oil prices surge 10% as US-Israel strikes on Iran rattle global markets
Times of India
by TOI BUSINESS DESKMarch 1, 2026
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Oil prices surged by up to 10% in early Asian trading following US and Israeli strikes on Iran, fueling fears of a broader Middle East conflict and potential disruptions to global energy supplies. Brent crude and West Texas Intermediate (WTI) saw significant gains, with Brent rising over 12% at one point to nearly $82 per barrel before slightly easing. This sharp increase adds to an already strong year for oil prices, which have climbed roughly 20% since January.
The spike in oil prices is driven by concerns over the Strait of Hormuz, a critical shipping lane through which around 15 million barrels of crude oil—about one-fifth of global supply—pass daily. If shipments through this strategic waterway are constrained due to escalating tensions, it could lead to further price hikes and tighter energy supplies worldwide. Experts warn that while there may be theoretical spare production capacity, the ability to move oil through the region is a key factor in determining market stability.
The conflict between Iran, the US, and Israel has escalated into one of the most severe Middle East crises in years. Coordinated airstrikes by the US and Israel on Iranian targets have prompted Tehran to retaliate with missile attacks across the Gulf, targeting not only Israel but also neighboring states like Dubai, Doha, and Kuwait. This escalation has led to significant casualties, infrastructure damage, and widespread airspace disruptions.
Global markets are reacting nervously to the heightened risks of prolonged hostilities. While major
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Originally published on Times of India on 3/1/2026