Oil Prices Spike Toward $80 a Barrel. Where They Could Go From Here.
March 02, 2026, 4:01 am EST
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The effective closure of the Strait of Hormuz would raise global energy prices. (MODIS / NASA)
Key Points
About This Summary
- Oil prices surged early Monday, with Brent crude up 8.8% to $79.23 and WTI rising 7.9% to $72.32.
- Middle East conflict led to the effective closure of the Strait of Hormuz, which transports 20% of global oil.
- Iran reportedly closed the Strait of Hormuz, prompting insurers to cancel policies for tankers, potentially pushing oil to $100.
Oil prices spiked early Monday with Brent crude briefly hitting $80 a barrel as traders reacted to the developing conflict in the Middle East.
BRN00+7.90% were trading at $79.23 a barrel, up 8.8% from Friday’s close. Earlier on Monday, Brent futures climbed to over $82 a barrel. West Texas Intermediate futuresWBS00+5.86% rose 7.9% to $72.32 a barrel. WTI also pared back some earlier gains, when futures hit $75.33.
The Strait of Hormuz, a vital maritime chokepoint that transports roughly 20% of the world’s oil, is effectively closed amid the conflict. Iran has reportedly said ships are “not allowed” to pass through it, while insurers have vowed to cancel policies for tanker who do.
If the strait remains closed for a prolonged period, $100 a barrel could soon be a reality.
Write to Alex Kozul-Wright at alexander.kozul-wright@barrons.com
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