United Kingdom
The Medes : London, 3 March 2026 — Global oil prices skyrocketed on Monday, with Brent crude jumping 8.5% to $79.13 a barrel following U.S. and Israeli air strikes on Iran. reports of the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, coupled with the total closure of the Strait of Hormuz, have sent shockwaves through energy markets.
Stranglehold on the Strait
The price spike followed an announcement by Iran’s Revolutionary Guards (IRGC) that the world’s most vital maritime oil artery—responsible for some 20% of global supply—is now fully blocked. A senior IRGC commander issued a stark warning, stating that any vessel attempting to transit the waterway "will be sunk."
The maritime industry reacted swiftly, with shipping giants Maersk and Hapag-Lloyd suspending all operations in the region indefinitely. Market analysts now warn that if the blockade persists, Brent could comfortably breach the $100 mark.
Global Economic Fallout
The impact was felt across the Atlantic as U.S. West Texas Intermediate (WTI) rose 8.4% to $72.63. While the crisis bolstered energy stocks, broader global indices retreated amid fears of a fresh inflationary shock.
President Donald Trump indicated that the military campaign against Iran could span four to five weeks, even as the UN and EU issued urgent pleas for de-escalation.
Market Sentiment: Wall Street banks have already begun aggressive upward revisions of their price forecasts.
For consumers worldwide, the immediate consequence is a looming spike in fuel costs. With the Strait of Hormuz effectively a no-go zone, the global energy supply chain faces its most precarious moment in decades.