Crude oil futures climbed sharply midday Monday as escalating conflict in the Middle East and near closure of the Strait of Hormuz heightened supply concerns.
As of 11:50 a.m. ET, the April West Texas Intermediate contract was up $3.63 at $70.65/bbl, with May up $3.38 at $70.27/bbl. The May ICE Brent crude contract had risen $4.49 to $77.36/bbl, with June up $3.57 at $75.86/bbl.
Refined product futures also jumped. The April RBOB contract was trading 8.1cts higher at $2.3665/gal, with May up 7.66cts at $2.3696/gal. The April ULSD contract was trading 28.26cts higher at $2.8786/gal, with May up 22.9cts at $2.7604/gal, as fears of a Strait of Hormuz closure and already tight distillate supplies heightened concerns about diesel availability.
Rising crude prices were also driven by fears that the U.S.-Iran conflict could disrupt oil flows through the Strait of Hormuz, a critical route for 20% of global oil exports. While analysts note that a full and prolonged closure is unlikely, reduced tanker traffic and precautionary refinery shutdowns have already tightened supply.
U.S. production, now exceeding 13 million b/d, has helped temper the scale of price spikes despite geopolitical tensions, keeping WTI and gasoline gains below levels seen in previous crises. Analysts caution further escalation could push Brent toward $100/bbl if disruptions persist, while short-term price movements continue to closely track crude benchmarks.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
March 02, 2026 12:20 ET (17:20 GMT)
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