Oil and European gas surge after tanker attacks and disruptions at Strait of Hormuz
Mar 2nd 2026
Attacks and electronic interference around the Strait of Hormuz have disrupted tanker traffic, sent oil prices up about 8% and European gas futures up about 42% after Qatar paused LNG output, raising the risk of wider energy supply shocks.
- U.S. crude rose about 8.4% to $72.63 per barrel and Brent climbed about 8.5% to $79.13 amid the disruptions.
- European April natural gas futures jumped about 42% to 45.46 euros after QatarEnergy halted LNG production.
- Shipping through the Strait of Hormuz, which handles roughly 20% of global oil, saw sharp traffic declines and reports of electronic interference and vessel attacks.
- A bomb-carrying drone boat struck a Marshall Islands-flagged tanker in the Gulf of Oman, killing one mariner, and multiple attacks were reported in the area.
- Saudi Arabia reported an Iranian drone attack on the Ras Tanura refinery that led to a precautionary shutdown, intensifying market concern.
- Analysts say a short disruption could cause a temporary price spike while a prolonged closure or wider attacks on energy infrastructure could push prices well above current levels