Oil Prices Hold Gains as Middle East Conflict Escalates -- Market Talk

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Oil Prices Hold Gains as Middle East Conflict Escalates -- Market Talk

Dow Jones03-03

0737 GMT - Oil prices extend gains, with Brent crude surpassing $80 a barrel on the fourth day of the Middle East conflict. The international oil benchmark rises 3.3% to $80.34 a barrel, while WTI is up 2.5% to $71.54 a barrel. With no quick de-escalation in sight and Iranian threats to shipping through the Strait of Hormuz, the market remains on edge. "The longer the conflict persists, the greater the impact it will have on the oil market," analysts at ANZ say. Traders are also concerned about attacks on energy infrastructure, which could lead to prolonged outages. This is reflected in the structure of Intercontinental Exchange Brent futures, where widening backwardation--when near-term prices are higher than future prices--signals acute tightness in the prompt market. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

March 03, 2026 02:37 ET (07:37 GMT)

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