Stories

Mon, 02 Mar 2026

Mon, 02 Mar 2026 Oil prices rise after ships attacked near Strait of Hormuz

Experts have warned that a prolonged conflict could push global energy prices even higher.

* Brent crude up by over 4% at $76.16 a barrel
* US-traded oil also up by around 4% at $69.67
* Iran warns ships not to pass through the strait, which carries about 20% of the world's oil and gas
* International shipping has almost come to a standstill at the strait's entrance
* Analysts warn that a prolonged conflict could push energy prices even higher, potentially over $100 a barrel
* Opec+ group agrees to increase output by 206,000 barrels a day to cushion price rises, but some experts doubt its effectiveness
* Petrol prices around the world are expected to rise due to disruption in oil distribution
* At least three ships attacked near the Strait of Hormuz, with two struck and an "unknown projectile" reported to have exploded near a third