{"id":68053,"date":"2026-03-02T00:07:38","date_gmt":"2026-03-02T00:07:38","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/oil-prices-rise-sharply-in-market-trading-after-u-s-iran-attacks-disrupt-global-supply\/"},"modified":"2026-03-02T00:07:38","modified_gmt":"2026-03-02T00:07:38","slug":"oil-prices-rise-sharply-in-market-trading-after-u-s-iran-attacks-disrupt-global-supply","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/oil-prices-rise-sharply-in-market-trading-after-u-s-iran-attacks-disrupt-global-supply\/","title":{"rendered":"Oil prices rise sharply in market trading after U.S.-Iran attacks disrupt global supply"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Oil prices rose sharply when market trading began Sunday, as <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/us-iran-war-israel-supreme-leader-khamenei-funeral-day-2\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">U.S. and Israeli attacks on Iran<\/a><\/span> and retaliatory strikes against Israel and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/iran-military-operation-american-service-members-killed-centcom\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">U.S. military installations<\/a><\/span> around the Gulf sent disruptions through the global energy supply chain.<\/p>\n<p>Traders were betting the supply of oil from Iran and elsewhere in the Middle East would slow or grind to a halt. Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz, the narrow mouth of the Persian Gulf, could restrict countries&#8217; ability to export oil to the rest of the world. That would likely result in higher prices for crude oil and gasoline, according to energy experts. <\/p>\n<p>West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for about $72 a barrel Sunday night, up around 8% from its trading price of about $67 on Friday.<\/p>\n<p>Roughly 15 million barrels of crude oil per day \u2014 about 20% of the world&#8217;s oil \u2014 are shipped through the Strait of Hormuz, making it the world&#8217;s most critical oil chokepoint, according to Rystad Energy. Tankers traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran. <\/p>\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/01\/63de1a8d-6786-4077-9a85-0a8f0c1c9994\/thumbnail\/620x620\/8a47e8ff6f7e640a2c84c162239965bf\/gettyimages-2263545776.jpg#\" alt=\"Strait of Hormuz map \" height=\"620\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/01\/63de1a8d-6786-4077-9a85-0a8f0c1c9994\/thumbnail\/620x620\/8a47e8ff6f7e640a2c84c162239965bf\/gettyimages-2263545776.jpg 1x, https:\/\/assets3.cbsnewsstatic.com\/hub\/i\/r\/2026\/03\/01\/63de1a8d-6786-4077-9a85-0a8f0c1c9994\/thumbnail\/1240x1240\/c8d458efaf3ee8247ff3f284c0fa31f7\/gettyimages-2263545776.jpg 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">Map shows the Persian Gulf, the Strait of Hormuz and surrounding countries. The Strait of Hormuz is a crucial passageway for oil shipments from Gulf states.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Bedirhan Demirel\/Anadolu via Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Iran had temporarily shut down parts of the strait in mid-February for what it said was a military drill. Further disruptions to that shipping channel could lead to lower supply and higher prices for oil.<\/p>\n<p>Attacks throughout the region, including on two vessels traveling through the Strait of Hormuz, the narrow mouth of the Persian Gulf, could restrict countries&#8217; ability to export oil to the rest of the world. That would likely result in higher prices for crude oil and gasoline, according to energy experts. <\/p>\n<p>&#8220;It&#8217;s a really supply-and-demand, simple economics equation,&#8221; sad CBS News MoneyWatch correspondent Kelly O&#8217;Grady, &#8220;If you were to decrease the global supply by cutting off the Strait of Hormuz and preventing that oil that flows through, you would see prices spike.&#8221;\u00a0<\/p>\n<p>Against that backdrop, eight countries that are part of the OPEC+ oil cartel  announced they would boost production of crude Sunday. The Organization of Petroleum Exporting Countries, in a meeting planned before the war began, said it would increase production by 206,000 barrels per day in April, which was more than analysts had been expecting. The countries boosting output include Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman.<\/p>\n<p>&#8220;Roughly one-fifth of global oil supply passes through the Strait of Hormuz, a vital artery for world trade, meaning markets are more concerned with whether barrels can move than with spare capacity on paper,&#8221; said Jorge Le\u00f3n, Rystad&#8217;s senior vice president and head of geopolitical analysis, in an email. &#8220;If flows through the Gulf are constrained, additional production will provide limited immediate relief, making access to export routes far more important than headline output targets.&#8221; <\/p>\n<p>Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran&#8217;s exports are disrupted, another factor that could increase energy prices.<\/p>\n<p>O&#8217;Grady noted that any action to block the Strait of Hormuz would be self-destructive for Iran.<\/p>\n<p>&#8220;Remember, Iran&#8217;s revenue mainly comes from the oil that it is willing to sell to countries like China that will buy that sanctioned oil. And so if they cut that off for other countries and other buyers, they&#8217;re also doing that to themselves,&#8221; she said.<\/p>\n<p>&#8220;Now of course, this is an existential moment for Iran. They might choose to go forward with that. But everyone that I&#8217;m talking to is saying that is an unlikely, extreme scenario. But what you will see is shipping companies say, &#8216;I just don&#8217;t want to go through there,&#8217; or insurers, which will hike up the price to insure that oil. And all of those things do flow down to the price of oil.&#8221;<\/p>\n<section class=\"content__body--footer\">\n<\/section>\n<p>  <!-- data-recirc-source=\"chartbeat\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  component--type-recirculation-collection\">\n<div class=\"component__heading-wrapper recirc\">\n<h3 class=\"component__title\">The Standoff with Iran<br \/>\n                          <a href=\"https:\/\/www.cbsnews.com\/feature\/nuclear-iran\/?intcid=CNI-00-10aaa3a\" class=\"component__view-more component__view-more--lg\" data-invalid-url-rewritten-http=\"\"><br \/>\n                More<br \/>\n                <svg viewbox=\"0 0 32 32\" class=\"icon__caret-right\" aria-hidden=\"true\">\n                  <use xlink:href=\"#icon-caret-down\"\/>\n                <\/svg><br \/>\n              <\/a><br \/>\n                      <\/h3>\n<\/p><\/div>\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/oil-prices-iran-attacks-strait-of-hormuz\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices rose sharply when market trading began Sunday, as U.S. and Israeli attacks on Iran and retaliatory strikes against<\/p>\n","protected":false},"author":1,"featured_media":68054,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[1528,8488,1526],"class_list":["post-68053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-iran","tag-opec","tag-persian-gulf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices rise sharply in market trading after U.S.-Iran attacks disrupt global supply - World News<\/title>\n<meta name=\"description\" content=\"Oil prices rose sharply when market trading began Sunday over concerns that the supply from Iran and elsewhere in the Middle East would slow or grind to a halt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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