Oil soars amid Strait of Hormuz shipping fears as Iran war drives prices to nearly $80
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By Hugh Leask
Published on March 2, 2026.
Oil prices have surged nearly $80 following U.S. and Israeli strikes against Iran, with Brent crude prices rising by 9.3% to reach a new 52-week high. Meanwhile, West Texas Intermediate prices also rose by over 9%. Amrita Sen, founder and director of research at Energy Aspects, predicts that the Strait of Hormuz, a key shipping channel for Saudi Arabia, the UAE, Iraq, Iran, and Kuwait, is unlikely to completely shut off. However, Sen believes that one-off attacks on ships are more difficult to prevent. If energy infrastructure is hit, the price of oil could reach $100.
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