Oil jumps as Iran conflict escalates, disrupts shipping

March 2, 2026

Brent crude futures shot up to $82.37, the highest since January 2025, in the first futures trading after the U.S. and Israel launched strikes on Iran and ‌killed its Supreme Leader ⁠Ali ⁠Khamenei on Saturday. As of 0054 GMT, Brent futures were at $78.24 a barrel, up $5.37, or 7.37%.

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