Gas Prices In Focus After Iran Targets Key Oil Route
By Brecca Stoll
Published on March 2, 2026.
Oil prices are on the rise as tensions escalate in the Middle East and Iran moves to cut off a critical oil route. Brent crude, the leading global price benchmark, jumped nearly 9% to $79.31 per barrel on Monday, while West Texas Intermediate crude rose 6.2% to reach $71.19 per barrel. GasBuddy petroleum analyst Patrick De Haan warned that some gas stations could be charging up to 30 cents per gallon if the rally continues. The Strait of Hormuz, a critical shipping lane for Saudi Arabia, Iraq, the UAE, and Kuwait, is a crucial route for oil producers. Despite Iran's threat, several oil companies have halted shipments of crude oil and fuel through the waterway.
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