Wednesday Mar 04, 2026
Wednesday Mar 04, 2026
Wednesday, 4 March 2026 00:20 - - {{hitsCtrl.values.hits}}
Oil prices moved higher Tuesday, building on the previous session’s sharp rally, as escalating tensions in the Middle East and fresh threats to shipping through the Strait of Hormuz deepened concerns about possible supply disruptions.
International benchmark Brent crude traded at $ 79.80 per barrel at (0710 GMT), up 2.1% from the previous close of $ 78.15.
US benchmark West Texas Intermediate (WTI) increased 2.1% to $ 72.85 per barrel, compared with $ 71.33 in the previous session.
The latest gains came after Iran’s Islamic Revolutionary Guard Corps (IRGC) said the Strait of Hormuz had been closed to transit and warned that vessels attempting to cross could be attacked.
Brig. Gen. Ebrahim Jabbari, a senior adviser to the IRGC commander-in-chief, said in remarks aired on Iranian state television that Iran would not allow passage through the strategic waterway in response to US-Israeli attacks.
“The Strait of Hormuz has been closed. We will attack and set ablaze any ship attempting to cross,” Jabbari said.
He also warned that oil pipelines could be targeted and said Iran would not allow “a single drop of oil” to leave the region.
Experts say a prolonged closure of the Strait of Hormuz remains unlikely but warn that a sustained shutdown could send oil prices into triple digits.
Israel and the US launched coordinated airstrikes on Iran on 28 Feb., escalating an already tense standoff even as diplomatic efforts were underway between Tehran and Washington. Brent crude oil traded around $ 73 per barrel at the close of trading on 27 Feb., just before the strikes.
