Oil Prices Surge After Middle East Attacks Disrupt Global Energy Supply

Disruptions to oil shipments through the Strait of Hormuz drive up prices for crude oil and gasoline.

Published on Mar. 2, 2026

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Oil prices rose sharply on Sunday as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations in the Gulf region disrupted the global energy supply chain. West Texas Intermediate crude oil jumped about 8% to $72 per barrel, while Brent crude rose around 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, leading to concerns about lower supply and higher prices.

Why it matters

The disruptions to oil shipments through the Strait of Hormuz, a vital global trade route, could have significant economic impacts as countries and consumers face higher energy prices. This comes at a time when the global economy is still recovering from the effects of the COVID-19 pandemic.

The details

The attacks throughout the Middle East region have restricted countries' ability to export oil to the rest of the world. Tankers traveling through the Strait of Hormuz, which is bordered by Iran, carry oil and gas from major producers like Saudi Arabia, Kuwait, Iraq, Qatar, and the UAE. Prolonged disruptions to this shipping channel could lead to lower global oil supply and higher prices for crude oil and gasoline.

  • The attacks began on Sunday, March 2, 2026.
  • Oil prices rose sharply when market trading opened on Sunday evening.

The players

United States

The U.S. launched attacks on Iran as part of the ongoing tensions in the region.

Israel

Israel also carried out attacks on Iran in coordination with the U.S.

Iran

Iran faced attacks from the U.S. and Israel, and retaliated with strikes against Israel and U.S. military installations in the Gulf.

OPEC+

The Organization of the Petroleum Exporting Countries (OPEC) and its allies announced they would boost crude oil production by 206,000 barrels per day in April to help offset the supply disruptions.

Rystad Energy

An energy research firm that noted the Strait of Hormuz is a vital global oil chokepoint, with roughly 20% of the world's oil supply passing through it.

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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

What’s next

The situation in the Middle East remains fluid, and further attacks or disruptions to oil shipments through the Strait of Hormuz could lead to additional price increases for crude oil and gasoline. Analysts will be closely monitoring the region for any developments that could impact global energy supplies.

The takeaway

The attacks in the Middle East have highlighted the vulnerability of the global energy supply chain to geopolitical tensions and disruptions. This underscores the importance of diversifying energy sources and ensuring the resilience of critical infrastructure like the Strait of Hormuz to mitigate the economic impacts of such events.