Oil, gas markets surge amid Strait of Hormuz disruptions; drones intercepted at Ras Tanura

JEDDAH: Oil prices surged by as much as 13 percent on March 2 after retaliatory Iranian attacks disrupted shipping in the Strait of Hormuz, following Israeli and US strikes on Iranian military sites. Brent crude futures rose to as much as $82.37 a barrel, the highest since January 2025, before easing to trade up $5.73, or 7.86 percent, at $78.60 by 9:42 a.m. GMT. US West Texas Intermediate crude climbed to an intraday high of $75.33, up over 12 percent and the highest since June, though it later pared gains and was up $4.82, or 7.19 percent, at $71.84.

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