Crude oil hits a record high
The price of Brent crude on the international oil market rose by more than $3 on Tuesday, March 3, 2026, marking its third consecutive day of gains amid the escalating US-Israeli conflict with Iran.
Brent crude futures traded at $80.89 per barrel, up $3.15, or 4.1%.
On Monday, March 2, 2026, prices jumped to $82.37, reaching their highest level since January 2025. However, they later declined and closed 6.7% higher for the day.
US West Texas Intermediate (WTI) crude rose by $2.55, or 3.6%, to $73.78 per barrel.
Oil prices jump and shares fall as conflict escalates/a>
In the previous trading session, the contract initially climbed to its highest level since June 2025 before retreating, ultimately closing 6.3% higher.
On Monday, the US and Israeli air campaign against Iran intensified, with Israel launching attacks in Lebanon and Iran responding with strikes on Gulf energy infrastructure and tankers in the Strait of Hormuz.
Stock markets in Europe and Asia continued to decline as investors assessed the impact of the conflict on global financial markets and its potential implications for inflation and interest rates.
Tankers and container ships are reportedly avoiding the waterway after insurers withdrew coverage for vessels, while global oil and gas shipping rates have surged.
Concerns over transit through the waterway grew after Iranian media reported on Monday that a senior Iranian Revolutionary Guards official claimed the Strait of Hormuz had been closed and warned that Iran would fire on any vessel attempting to pass through.
Approximately 20% of the world’s oil and gas supply passes through the Strait of Hormuz.
SP/MA
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