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WTI Jumps 10% as Middle East War Disrupts Oil

Ricardo Evangelista
March 02, 2026

WTI oil prices began the new week almost 10% above Friday’s closing level. This market gap reflects the nervousness among traders following the outbreak of a new war in the Middle East, which is destabilising the entire region. Iran has retaliated after being bombed by the US and Israel, targeting objectives related to the two countries as well as several other Gulf states, increasing the risk of the conflict spreading further and becoming more unpredictable. With regard to global oil trade, Iranian oil is currently off the market, while maritime traffic through the Strait of Hormuz has come to a halt. This situation affects roughly 25% of global oil output, which is normally transported by large tankers through the Strait. After the initial surge at the market open, crude prices have since pared some of their gains but remain above $72 per barrel, a level not seen since last June. The longer the conflict persists and Gulf oil remains stranded in the region, the greater the likelihood that prices will escalate further, potentially towards the $100 per barrel mark.

 

Ricardo Evangelista, ActivTrades   

WTI Jumps 10% as Middle East War Disrupts Oil

Source: ActivTrader

 

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