As of March 2, 2026, the situation in the Middle East has escalated dramatically following U.S. and Israeli strikes on Iran, resulting in the death of Supreme Leader Ayatollah Ali Khamenei. This has led to a significant surge in oil prices, with Brent crude reaching as high as $82.37 per barrel, the highest since January 2025. The conflict has prompted Iran to close navigation through the Strait of Hormuz, a critical chokepoint for approximately 20% of global oil trade, leading to fears of severe disruptions in supply. Analysts suggest that if the situation continues to deteriorate, oil prices could exceed $100 per barrel, with Citi analysts predicting Brent to trade between $80 and $90 this week amid ongoing tensions (Business Recorder, The Hindu).
BUSINESS
Oil Prices Surge After U.S.-Israel Strikes On Iran
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Escalating Middle East tensions after U.S.-Israeli strikes on Iran have surged oil prices, with Brent crude hitting $82.37. Analysts warn prices could exceed $100, impacting global economies.
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