Brent Crude Reaches 19-Month Peak as Iran Conflict Fuels Oil Price Surge

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Oil Prices Soar: Brent Hits 19-Month High Amid Widening Iran Conflict, Supply Fears

Tankers and container ships are avoiding the waterway after insurers cancelled coverage for vessels and global oil and gas shipping rates soared

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Moneycontrol•03-03-2026, 20:36

Oil Prices Soar: Brent Hits 19-Month High Amid Widening Iran Conflict, Supply Fears

•Crude oil benchmarks Brent and WTI surged about 7% on Tuesday, with Brent hitting a 19-month high of $85.12.
•The US-Israeli conflict with Iran has widened, disrupting fuel shipments and heightening fears of further Middle East oil and gas supply disruptions.
•Tankers are avoiding the Strait of Hormuz after insurers cancelled coverage, and Iran warned of firing on ships trying to pass.
•Key infrastructure impacted: Fujairah port fire, Kirkuk loadings stopped, Qatar, Israel, Saudi Arabia, and Iraqi Kurdistan production halted.
•Analysts expect elevated prices; Bernstein raised 2026 Brent forecast to $80, warning of $120-$150 in extreme prolonged conflict.

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