Oil surges over 7pc amid Strait of Hormuz tensions, tanker disruptions

Oil prices jumped sharply on Monday as disruptions to tanker traffic through the Strait of Hormuz heightened uncertainty over the impact of US and Israeli attacks on Iran on global energy supply.US crude rose 7.4 percent to $71.97 per barrel, while international benchmark Brent gained 7.7 percent to $78.46 per barrel.The spike has renewed concerns over higher fuel costs, raising the prospect of costlier gasoline in the United States and increased prices for goods globally at a time when many economies are grappling with inflationary pressure.Market focus centred on the Strait of Hormuz at the southern end of the Persian Gulf, a strategic chokepoint through which around 20 percent of the world’s oil supply passes daily.Tanker traffic through the strait dropped sharply amid disruption to satellite navigation systems, according to data and analytics firm Kpler. The UK Maritime Trade Operations Centre also reported attacks on several vessels on either side ...

• 02 Mar 2026