Business · 2 March 2026
Oil Prices Surge 9% as Iran-US War Hits Global Markets
Brent crude jumped nearly nine percent to $82.37 when markets opened Sunday evening - the biggest single-session surge in three years. US crude WTI rose 8%, touching $75.33. UBS analysts warned Brent could reach $120 if the Strait of Hormuz remains closed, a scenario consulting firm Rystad Energy said was already effectively in place as tanker traffic halted. The conflict threatens to reverse two years of falling fuel prices that the Trump administration had celebrated as a domestic win.
Reported by Reuters · How we write briefs