Global oil markets opened Monday in turmoil, with crude prices posting some of their sharpest single-session gains in years after US and Israeli forces struck Iran over the weekend — an operation that included the killing of Supreme Leader Ayatollah Ali Khamenei.
The violence has rattled energy traders and raised immediate questions about supply continuity from one of the world’s most consequential oil-producing regions. Data from OilPrice.com recorded as of approximately 8:00 AM PST on March 2, 2026, shows Murban Crude leading the advance, climbing $7.29 to $81.53 — a gain of nearly 10%. Brent Crude added $6.17 to reach $79.04, while West Texas Intermediate rose $5.37 to $72.39. Natural gas, by contrast, edged only marginally higher, up less than one percent to $2.878.
Brent’s intraday trajectory illustrated just how volatile conditions have become. The benchmark initially spiked above $82 — a move exceeding 12% — before retreating toward $80 as early trading progressed. Reuters reported a comparable opening surge of around 10% before gains were partially pared back.
The Strait of Hormuz sits at the center of market anxiety. The waterway, through which a significant share of global oil flows, faces potential disruption as Iran has continued retaliatory strikes following the weekend’s military actions. Analysts have warned that a prolonged conflict could push Brent toward $100 a barrel, a level that would ripple well beyond futures markets.
The New York Times noted that prices crossing $80 underscored the economic exposure tied to restricted output from a key producing region — a scenario that could translate into sustained higher energy costs for consumers over time. In the United States, experts have flagged the possibility of retail gasoline climbing above $3 per gallon, adding pressure to an already complicated recovery environment.
OPEC+ output increases, which had been expected to weigh on prices in the coming months, now face an uncertain backdrop as geopolitical risk overrides supply fundamentals. Whether those production commitments hold — and whether Iran’s role in global energy flows remains viable — are questions markets are being forced to price in real time.
