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Middle East Tensions Trigger Oil‑Gas Price Surge and Hormuz Strait Closure

Energy markets experienced a dramatic Monday as oil and gas prices spiked following Iranian attacks on Gulf infrastructure and a de‑facto shutdown of the Strait of Hormuz. European gas shot up more than 39%, while Brent crude surged over 13% before settling up 7.3% at $77.74 a barrel. Analysts warn that the closure of the strategic waterway – through which roughly 20% of global oil and LNG flows—could keep supply tight for weeks, pressuring Asian importers and European winter gas reserves, and potentially pushing crude toward the $100 benchmark.

March 2nd, 2026
3 min read
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Expert Summary

Energy markets experienced a dramatic Monday as oil and gas prices spiked following Iranian attacks on Gulf infrastructure and a de‑facto shutdown of the Strait of Hormuz. European gas shot up more than 39%, while Brent crude surged over 13% before settling up 7.3% at $77.74 a barrel.

Analysts warn that the closure of the strategic waterway – through which roughly 20% of global oil and LNG flows—could keep supply tight for weeks, pressuring Asian importers and European winter gas reserves, and potentially pushing crude toward the $100 benchmark.

Energy markets experienced a dramatic Monday as oil and gas prices spiked following Iranian attacks on Gulf infrastructure and a de‑facto shutdown of the Strait of Hormuz. European gas shot up more than 39%, while Brent crude surged over 13% before settling up 7.3% at $77.74 a barrel. Analysts warn that the closure of the strategic waterway – through which roughly 20% of global oil and LNG flows—could keep supply tight for weeks, pressuring Asian importers and European winter gas reserves, and potentially pushing crude toward the $100 benchmark.

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