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Oil prices soar: Brent blasts past $81 as Hormuz chokepoint teeters on shutdown amid US-Israel war vs Iran

$120 per barrel nightmare looms Iran-US-Israel war shakes oil markets

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Jay Hilotin, Senior Assistant Editor
2 MIN READ
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An oil refinery in Houston. Oil-consuming countries are bracing for energy price shocks as the Middle East war erupts, with supply constraints driving prices through the roof.
An oil refinery in Houston. Oil-consuming countries are bracing for energy price shocks as the Middle East war erupts, with supply constraints driving prices through the roof.
Reuters

The joint US-Israeli military campaign against Iran continues to deliver a seismic shock to the world's energy arteries.

Launched on February 28, 2026, the operation — hits on Iranian leadership, command centres, missile sites and air defenses — has dramatically escalated fears of supply disruptions in the Middle East, home to the planet's most vital oil transit route.

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