Oil Prices Surge After Attacks Disrupt Middle East Supply

Disruptions to oil shipments through the Strait of Hormuz send crude prices sharply higher

Published on Mar. 2, 2026

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Oil prices rose sharply on Sunday as attacks on Iran and retaliatory strikes against Israel and U.S. military installations in the Gulf region disrupted global energy supply chains. West Texas Intermediate crude jumped 8% to around $72 per barrel, while Brent crude rose about 8% to $79 per barrel. Roughly 20% of the world's oil supply passes through the Strait of Hormuz, a critical chokepoint that has been impacted by the attacks.

Why it matters

The disruptions to oil shipments through the Strait of Hormuz, a vital global trade route, could lead to prolonged supply shortages and higher prices for crude oil and gasoline worldwide. This comes as the OPEC+ group announced plans to boost production, though experts warn that additional output may provide limited relief if export routes remain constrained.

The details

The attacks targeted Iran as well as U.S. and Israeli military sites around the Persian Gulf, restricting countries' ability to export oil. Iran exports around 1.6 million barrels per day, mostly to China, and further disruptions to its exports could force buyers to seek oil elsewhere, adding upward pressure on prices.

  • The attacks began on March 1, 2026.
  • Oil prices rose sharply when markets opened on Sunday, March 2, 2026.

The players

OPEC+

A group of 24 oil-producing nations, including Saudi Arabia, Russia, and other major producers, that announced plans to boost crude output by 206,000 barrels per day in April 2026.

Strait of Hormuz

A vital global trade route through which roughly 20% of the world's oil supply passes, located between Iran and the Arabian Peninsula.

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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 (NPR)

What’s next

The OPEC+ group's planned production increase in April 2026 will be closely watched to see if it can provide relief to global oil markets disrupted by the attacks in the Middle East.

The takeaway

The attacks in the Middle East have exposed the vulnerability of the global energy supply chain, particularly the critical Strait of Hormuz chokepoint. This could lead to prolonged oil price spikes and economic disruption if the situation is not resolved, underscoring the need for diversified energy sources and infrastructure.