Israel-US War Against Iran: Crude Oil Prices Jump 10% On Iran War, $100 Per Barrel Likely
Edited By WION Video Desk
Published: Mar 03, 2026, 01:30 IST | Updated: Mar 03, 2026, 01:30 IST
Crude oil prices surged 10% to around $80 per barrel following escalating U.S.–Israel strikes on Iran and warnings from Middle East leaders that prices could exceed $100 per barrel. Experts cite the closure of the Strait of Hormuz — a critical chokepoint for over 20% of global oil shipments — as the key driver behind the spike.
Futures trading remained closed over the weekend, but analysts from ICIS and Rystad Energy predict that sustained disruption could push prices as high as $100–$92 per barrel once markets reopen. OPEC has agreed to a modest output increase of 206,000 barrels per day from April, but experts say this will barely offset supply losses.
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