Oil Prices Surge as Attacks Disrupt Shipping in Strait of Hormuz

Global oil prices jumped by over 7% on Monday, March 2, 2026, after at least three ships were attacked near the Strait of Hormuz, a critical waterway for global energy supplies. The attacks occurred amid escalating tensions in the Middle East, following Iranian retaliatory strikes against the United States and Israel .

Details of the Attacks

The UK Maritime Trade Operations Centre (UKMTO) reported that two vessels were struck, and a third experienced an explosion in close proximity. All crew members involved are reported to be safe and healthy .

A separate incident involved a tanker approximately 17 nautical miles northwest of Mina Saqr, United Arab Emirates (UAE) . Iranian state television reported that an oil tanker sank after being shot at while crossing the Strait of Hormuz, though details regarding the vessel’s ownership and origin of the fire remain unclear .

Iran Warns Against Passage

Iran’s Revolutionary Guard has warned ships not to pass through the Strait of Hormuz, citing safety concerns related to ongoing conflict . Cargo vessels have reported receiving warnings via VHF radio from the Iranian Revolutionary Guards claiming the waterway is closed .

Impact on Oil Markets and Shipping

Brent crude oil prices rose to $78.25 a barrel in morning trade in Asia, a more than 7% increase, while US-traded oil was up 7.3% at $71.93 . Analysts warn that a prolonged conflict could push energy prices even higher, with some predicting prices could exceed $100 a barrel .

International shipping has almost arrive to a standstill at the strait’s entrance . Maersk has halted all operations in the passageway until further notice, anticipating delays, rerouting, or schedule adjustments . Hapag-Lloyd is closely monitoring the situation and has contingency plans in place .

OPEC+ Response

The OPEC+ group of oil-producing nations agreed to increase output by 206,000 barrels a day to help cushion potential price rises, but some experts doubt the effectiveness of this measure .

Strategic Importance of the Strait of Hormuz

The Strait of Hormuz is a strategically vital shipping lane, carrying approximately 20% of the world’s oil and gas supply . About a quarter of the world’s oil supplies and a fifth of liquefied natural gas pass through these waters.

Military Activity in the Region

Significant military activity commenced in the Strait of Hormuz, the Persian Gulf, the Gulf of Oman, and the Arabian Sea on February 28, 2026 . Vessels are advised to keep clear of the area if possible .