Oil jumps 10% on Iran conflict and could spike to $100 a barrel, analysts say

MSN/Reuters ^ | 3/1/2026 | Seher Dareen and Dmitry Zhdannikov

[SaxxonWoods]

LONDON, March 1 (Reuters) - Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after U.S. and Israeli strikes on Iran plunged the Middle East into a new war.

[SaxxonWoods]

More: The global oil benchmark has rallied this year and reached $73 a barrel on Friday for its highest since July, buoyed by growing concern over the potential attacks that arrived a day later. Futures trading is closed over the weekend.

"While the military attacks are themselves supportive for oil prices, the key factor here is the closing of the Strait of Hormuz," said Ajay Parmar, director of energy and refining at ICIS.

Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway. More than 20% of global oil is moved through the Strait of Hormuz.

"We expect prices to open (after the weekend) much closer to $100 a barrel and perhaps exceed that level if we see a prolonged outage of the Strait," Parmar said.

[Eli Kopter]

Just checked traffic in the Strait of Hormuz and the only thing moving is a couple of Iranian Tankers. Everything else has stopped or slowed to a crawl.

[GOPJ]

Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway. More than 20% of global oil is moved through the Strait of Hormuz.

Maybe close the Strait of Hormuz before Iran sinks a few tankers off the UAE - which would close the channel down. Easier to 'reopen' than to spend a year or two pulling oil tankers off the bottom.

[BlueStateRightist]

This had to be in Trump’s calculations prior to initiating the attack on Iran.

[central_va]

Could

[central_va]

Let the handwringing begin.

[piytar]

THIS is what the US Petroleum Oil Reserve is for. Also we need to tell the green cultists to go to H### and open up own oil fields.

[piytar]

THIS is what the US Petroleum Oil Reserve is for. Also we need to tell the green cultists to go to H### and open up own oil fields.

[piytar]

Sorry my new iPhone keeps double posting.

[piytar]

Exactly

[piytar]

Exactly

[nwrep]

Dow futures down 1000 points.

[Political Junkie Too]

Do you mean the US Petroleum Oil Reserve that Biden depleted?

-PJ

[Kid Shelleen]

I was listening to listening to Steve Moore on WABC yesterday and he said the Saudis will step in and increase production if necessary.

[Delta 21]

Local gasoline in $1.89/gal. I cant hear you!?

[Roman_War_Criminal]

That means plenty of buying opportunities.

Good deal!

[jimwatx]

Oh I expect it to go much higher than $100 a barrel. They totally underestimated Iran’s capabilities. And there will be no regime change as the population is rallying for the government. Trump is going to regret getting suckered into this.

[ducttape45]

I’m glad I filled up the other day. It might be a long time before we see the prices at the range they were.

[ducttape45]

It was $2.79 where I live in north central Indiana. Hate to see what it is now.

[thegagline]

Son, there is a future in domestic E&P stocks.