Last mentioned: Mar 2, 2026
Military Escalation
U.S. and Israeli attacks on Iran occur; retaliatory strikes hit Gulf installations and two vessels.
Market Opening
Trading begins Sunday night with an immediate 8% surge in crude benchmarks.
Market Close
Oil prices hit a seven-month high with Brent at $72.87 and WTI at $67.
Initial Disruption
Iran temporarily shuts parts of the Strait of Hormuz for military drills, causing a 6% price jump.
Crude oil prices surged 8% following military strikes between the U.S., Israel, and Iran, directly impacting the Strait of Hormuz. With 20% of global oil supply at risk, the logistics sector faces immediate fuel surcharges and heightened inflationary pressure.