As of March 2, 2026, the Middle East conflict has escalated significantly following U.S. and Israeli military strikes on Iran, which resulted in the death of Supreme Leader Ayatollah Ali Khamenei. The situation has led to a dramatic surge in oil prices, with Brent crude reaching as high as $82.37 per barrel before settling around $78.28, reflecting a 7.4% increase. This spike is attributed to disruptions in shipping through the crucial Strait of Hormuz due to retaliatory Iranian missile and drone strikes, which have damaged tankers and raised concerns about prolonged supply shortages. Analysts warn that if the Strait remains closed, oil prices could soar further, impacting global economies, particularly in Asia (Dawn, Business Recorder).
BUSINESS
Oil Prices Surge Amid Us-Israel Strikes On Iran
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The Middle East conflict escalates after U.S. and Israeli strikes on Iran, causing oil prices to spike and severe market volatility in Pakistan and Qatar, raising fears of prolonged supply shortages.
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