{"id":1364151,"date":"2026-03-02T10:16:07","date_gmt":"2026-03-02T08:16:07","guid":{"rendered":"https:\/\/prm.ua\/oil-prices-are-rising-rapidly-due-to-escalation-around-iran-what-analysts-predict\/"},"modified":"2026-03-02T10:16:07","modified_gmt":"2026-03-02T08:16:07","slug":"oil-prices-are-rising-rapidly-due-to-escalation-around-iran-what-analysts-predict","status":"publish","type":"post","link":"https:\/\/prm.ua\/en\/oil-prices-are-rising-rapidly-due-to-escalation-around-iran-what-analysts-predict\/","title":{"rendered":"Oil prices are rising rapidly due to escalation around Iran: what analysts predict"},"content":{"rendered":"

Global oil prices rose sharply on Monday, March 2, amid escalating tensions over Iran and risks to supplies through the Strait of Hormuz. The price of the benchmark Brent crude oil reached its highest level since January 2025, marking the biggest gain in four years.<\/strong><\/p>\n

This is reported by Bloomberg<\/a> .<\/p>\n

Brent crude rose more than 6% to near $78 a barrel, after earlier rising 13%. Tanker traffic through the Strait of Hormuz, which carries about a fifth of the world’s oil and significant volumes of gas, has largely ground to a halt as shipowners and traders have announced a voluntary pause due to the spread of the conflict.<\/p>\n

“If tanker traffic resumes quickly, or there is a convincing de-escalation, or there are some behind-the-scenes diplomatic talks, then we will see some easing. Otherwise, we are likely to consolidate at elevated levels,” said Haris Khurshid, chief investment officer at Karobaar Capital LP.<\/p>\n

Citigroup Inc. analysts, including Max Leighton, said that in the base case scenario, the price of Brent will fluctuate between $80-90 per barrel over the next week.<\/p>\n

“Our main view is that either the Iranian leadership will change, or the regime will change enough to stop the war within 1-2 weeks, or the US will decide to de-escalate the conflict,” the analysts noted.<\/p>\n

Morgan Stanley raised its Q2 Brent forecast to $80 per barrel from $62.50. Wood Mackenzie warned that if the Strait of Hormuz is blocked for a long time, the price could exceed $100 per barrel even with OPEC’s April output increase.<\/p>\n

Analysts at JPMorgan Chase & Co. believe that if the waterway remains closed for 25 days, major oil companies in the Middle East may be forced to temporarily halt production due to limited storage capacity.<\/p>\n

Meanwhile, Brent rose 6.4% to $77.57 per barrel on March 2, while US crude rose 6.2% to $71.17 per barrel. Japan’s Nikkei index fell 1.3%, while European and US index futures fell between 0.6% and 1.4%.<\/p>\n

Rystad Energy analysts estimate that the virtual shutdown in the region is preventing 15 million barrels of crude oil per day from entering the market. In the UAE and Kuwait, stock markets have temporarily suspended operations due to “exceptional circumstances.”<\/p>\n

It is worth adding that Russian Urals oil is being sold at a discount of $30.62 per barrel to Brent<\/strong> , which is the largest figure since 2023.<\/p>\n

As recently as February 20, Urals was trading at $42.09 per barrel in the port of Primorsk, and at Novorossiysk the price was $40.44 per barrel. At the same time, the Russian government planned that in 2026 the average price of Urals would be about $59 per barrel.<\/p>\n

As a result, Urals is trading 43% cheaper than Brent. Journalists attribute the price drop to US sanctions against Lukoil and Rosneft, as well as the introduction of a price ceiling of $44.1 per barrel in the EU.<\/p>\n

Earlier it was reported that Iran had blocked the Strait of Hormuz in the Persian Gulf<\/a> , a key route for oil supplies from the Middle East. The movement of oil tankers in the strait has been effectively halted, and ships have reduced their speed to zero.<\/p>\n

It was later reported that two drones attacked a commercial port in the Omani city of Duqm<\/a> on Sunday. One of the drones reportedly hit a residential complex, injuring a foreign worker.<\/p>\n

Meanwhile, the Palau-flagged oil tanker Skylight was attacked in the Strait of Hormuz off the coast of Oman<\/a> . As a result of the incident, 4 crew members were injured, and all 20 sailors were evacuated.<\/p>\n

Also follow \u201cPryamim\u201d<\/strong> on Facebook<\/a> , X<\/a> , Telegram<\/a> , and Instagram.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Global oil prices rose sharply on Monday, March 2, amid escalating tensions over Iran and risks to supplies through the Strait of Hormuz. The price of the benchmark Brent crude oil reached its highest level since January 2025, marking the biggest gain in four years. This is reported by Bloomberg . Brent crude rose more […]<\/p>\n","protected":false},"author":54,"featured_media":1277542,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[76871,76872,76875,76892],"class_list":["post-1364151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-2","category-news-feed","category-other-news","category-economy"],"_links":{"self":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts\/1364151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/comments?post=1364151"}],"version-history":[{"count":0,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/posts\/1364151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/media\/1277542"}],"wp:attachment":[{"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/media?parent=1364151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prm.ua\/en\/wp-json\/wp\/v2\/categories?post=1364151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}