Oil prices surpass $100 per barrel as the Iran war disrupts Strait of Hormuz shipping and Gulf oil production
Following the U.S.-Israeli military strikes on Iran that began on or around February 28, 2026, oil prices surged past $100 per barrel for the first time since 2022. Iran's effective blockade of the Strait of Hormuz disrupted roughly a fifth of global crude supply, forcing Gulf producers including Iraq, Kuwait, and the UAE to cut output as storage filled. Prices spiked above $110-$120 per barrel before retreating toward $95 after President Trump suggested the war was nearly over and the G-7 discussed coordinating emergency reserve releases.
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- PBS NewsHour+23.0 h
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Broad agreement on what happened
Outlets across the spectrum land in roughly the same place: the shared language is highlighted.
“Oil prices 'could breach $100 a barrel within days' amid supply disruption from Iran war”G The Guardian LEFT
“Oil surges past $100 a barrel for first time in four years”FT Financial Times RIGHT-CENTER
“Oil passes $100 a barrel following Strait of Hormuz blockage and Middle East war” · Foreign Policy, Reuters, Al Jazeera, AP News, Le Monde, Semafor, PBS NewsHour, Bloomberg, Axios