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US-Israel Attack on Iran, Global Oil Prices Rise in Early March 2026

Adi Ahdiat 02/03/2026 13:19 WIB

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The day after the US-Israel launched an attack on Iran, the price of Brent crude oil immediately rose in early March 2026.

Average Brent Crude Oil Price per Month (January 2022 - March 2026)*

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Average Brent Crude Oil Price per Month (January 2022 - March 2026)*

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The United States (US) and Israel launched airstrikes against Iran on February 28, 2026, amid allegations that Iran was developing nuclear weapons for terrorism.

"President Donald J. Trump authorized Operation Epic Fury — a precise, overwhelming military campaign to eliminate the imminent nuclear threat posed by the Iranian regime, destroy its ballistic missile arsenal, degrade its proxy terror networks, and cripple its naval forces," said the US presidential office, The White House, in a press release on March 1, 2026.

After the attacks, Iran retaliated by launching missiles at Israel and US military bases scattered across Middle Eastern countries.

Shortly after the outbreak of war, global oil prices surged immediately.

According to Investing.com data, on the day after the attacks, March 1, 2026, the average price of Brent crude oil reached US$77.91/barrel.

The price rose by about 7% compared to the previous month (month-to-month), and was 4% higher than a year ago (year-on-year).

According to financial research firm S&P Global, oil prices could still rise due to the risk of the closure of the Strait of Hormuz as a result of this war.

"Around one-fifth of the world's crude oil is shipped through the Strait of Hormuz, which lies just off the coast of Iran, making it vulnerable to oil price shocks amid regional conflicts," said S&P Global in a report titled Oil prices rally as US-Israeli conflict with Iran disrupts Hormuz flows (March 1, 2026).

"Even if production and terminals remain intact, higher risk premiums, ship owner caution, and delayed shipping fixtures can reduce delivered barrels, supporting higher risk premiums on March 2 opening until maritime threats de-escalate," they said.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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US-Israel Attack on Iran, Global Oil Prices Rise in Early March 2026

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