Oil Prices Surge After Attacks Disrupt Global Energy Supply

Traders bet on supply disruptions from Iran and the Middle East as U.S. and Israeli strikes impact the region.

Published on Mar. 2, 2026

Got story updates? Submit your updates here. ›

Oil prices rose sharply on Sunday as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf disrupted the global energy supply chain. Traders expect the supply of oil from Iran and the Middle East to slow or stop, leading to higher prices for crude oil and gasoline. West Texas Intermediate crude jumped 8% to around $72 per barrel, while Brent crude rose 8% to about $79 per barrel.

Why it matters

The Strait of Hormuz, a critical global oil chokepoint, has been impacted by the attacks, with roughly 15 million barrels of crude oil per day - about 20% of the world's oil - shipped through the strait. Disruptions to this supply could lead to higher consumer prices for gasoline, groceries, and other goods.

The details

The attacks throughout the Middle East region have restricted countries' ability to export oil to the rest of the world. OPEC+ countries announced they would boost production by 206,000 barrels per day in April, more than analysts expected, but experts say additional production will provide limited relief if export routes are constrained. Iran exports around 1.6 million barrels of oil per day, mostly to China, which may need to find alternative supplies if Iran's exports are disrupted.

  • Oil prices rose sharply when market trading began on Sunday, March 2, 2026.
  • Iran had temporarily shut down parts of the Strait of Hormuz in mid-February for a military drill, leading oil prices to jump about 6% higher in the days that followed.

The players

West Texas Intermediate

The light, sweet crude oil produced in the United States.

Brent crude

The international standard for crude oil.

OPEC+

The Organization of the Petroleum Exporting Countries and its allies, who announced they would boost oil production by 206,000 barrels per day in April.

Iran

A major oil exporter, exporting around 1.6 million barrels of oil per day, mostly to China.

Strait of Hormuz

A critical global oil chokepoint, through which roughly 15 million barrels of crude oil per day - about 20% of the world's oil - are shipped.

Got photos? Submit your photos here. ›

What they’re saying

“Roughly one-fifth of global oil supply passes through the Strait of Hormuz, a vital artery for world trade, meaning markets are more concerned with whether barrels can move than with spare capacity on paper.”

— Jorge León, Senior Vice President and Head of Geopolitical Analysis, Rystad Energy

The takeaway

The attacks in the Middle East have disrupted a critical global oil supply route, the Strait of Hormuz, which could lead to higher prices for consumers on everything from gasoline to groceries. While OPEC+ has announced increased production, experts say this may provide limited relief if export routes remain constrained.