A tanker off the coast of Dubai, March 1, 2026. FADEL SENNA / AFP
The strategic importance of the Persian Gulf for global oil trade is unmatched. That was the message sent by the markets on Monday, March 2, two days into the US-Israeli offensive against Iran. Brent crude, the global benchmark, surged by 9% at the opening of trading, briefly exceeding $80 (€68) per barrel. North American WTI crude rose by 7.18% to $71.83 per barrel, while European gas prices skyrocketed, with the Dutch TTF futures contract, considered the European benchmark, jumping over 20%. This spike reflects the shock that a flare-up would have in a region key for oil production and transport.
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Bombings in Iran raise fears of oil crisis
While no one can predict the duration of the conflict or the extent of the disruptions, escalation is already underway. On Sunday, March 1, in response to Israeli and American bombings, the Iranian regime launched several missiles at neighboring countries allied with the United States. Strikes targeted American bases and other sites in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar, all major exporters of oil or gas.
