Oil prices surged sharply amid escalating tensions in the Middle East following joint U.S. and Israeli strikes on Iran, Qazinform News Agency reports.
WTI crude futures jumped nearly 10% during trading and briefly rose above $75 per barrel, marking the highest level in eight months. Prices later pared gains but still remained more than 8% above the previous close. At the same time, Brent crude was trading around $77 per barrel.
As of March 2, WTI crude was priced at about $70.66 per barrel, up 5.43% on the day.
Markets are closely monitoring the situation around the Strait of Hormuz, which handles roughly one fifth of global oil shipments. Despite Tehran’s assurances that the strait remains open, several shipping companies have begun rerouting vessels amid concerns over potential supply disruptions.
Additional pressure came from Iranian strikes on U.S. assets in neighboring countries, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria.
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