U.S. crude jumps over 7% to above $72 on Iran conflict fears
Mar 1st 2026
Crude surged after U.S. strikes on Iran and President Trump’s vow to continue combat operations, prompting halted tanker traffic through the strategically vital Strait of Hormuz and stoking fears of a major supply shock.
- U.S. crude rose about 7% to $72.10 per barrel and Brent climbed about 8% to $78.78.
- Traders fear a U.S.-Iran escalation could cause major supply disruptions to global oil markets.
- Tanker traffic through the Strait of Hormuz has effectively stopped as shipping firms take precautions.
- About one third of the world’s seaborne oil exports passed through the Strait of Hormuz in 2025.
- President Trump said combat operations in Iran will continue until all U.S. objectives are met, and U.S. equity futures fell sharply, with Dow futures down around 500 points.