Oil prices spike over U.S.-Israeli strikes on Iran –Brent crude briefly surged to a 14-month high as the attacks plunged the Middle East into renewed conflict | 2 March 2026 | Global oil prices jumped by as much as 13% on Monday after intense US-Israeli strikes on Iran triggered major concerns about global economic disruption. Tanker traffic through the Strait of Hormuz has already been heavily impacted as attacks continue across the Middle East. The Strait of Hormuz, the narrow waterway between Iran and Oman, carries about 20% of global oil and gas supplies. Although Iranian authorities say it remains open to tankers, news reports indicate shipping is largely paused due to strike risks. Brent crude jumped to $82 per barrel on the ICE exchange on Monday, marking a 14-month high amid the latest developments surrounding the passage, but has since retreated to around $79.5.