Business · 1 March 2026
Oil Markets Open Tonight - Analysts Forecast 10 to 15 Percent Spike
Global oil markets reopen Sunday evening with Brent crude last traded at $72.48 per barrel. Analysts at Century Financial forecast a 10 to 15 percent surge driven by Iran's Hormuz closure - a waterway carrying 20 percent of global daily oil supply with no alternative route. Worst-case scenarios put Brent near $100, which economists warn would trigger a global recession. OPEC+ agreed to raise output by just 206,000 barrels per day - far too small to offset any sustained blockade.
Reported by CNBC · How we write briefs