TEMPO.CO, Jakarta - World oil prices surged again on Monday, March 2, as a result of the escalating conflict between the United States and Israel against Iran. The price hike was also influenced by the closure of one of the vital global oil trading routes, the Strait of Hormuz, by the Islamic Revolutionary Guard Corps (IRGC).
Citing data from Trading Economics, the price of Brent crude oil jumped by up to 12 percent on Monday's opening of trading. The price of Brent crude oil reached US$78.2 per barrel, up from the closing of trading on February 28, recorded at US$72.8 per barrel.
Meanwhile, the price of West Texas Intermediate (WTI) crude oil rose to approximately US$71.9 per barrel, soaring from the February 28, 2026, close of US$67.2 per barrel.
Tensions in the Middle East peaked after the U.S. and Israel launched a joint aggression against Iran on Saturday, February 28, 2026. U.S. President Donald Trump announced that the attack killed Iran's top leader, Ayatollah Ali Khamenei. In retaliation, Iran launched a wave of missiles and drones towards Israel and several military bases in the Middle East where U.S. forces operate.
The conflict shows no signs of easing. According to a report from The Daily Mail on March 2, 2026, Trump revealed that the possibility of war with Iran could last for four weeks.
Oil and gas industry expert from Indonesia's National Oil and Gas Company Association (Aspermigas), Moshe Rizal, stated that the prices of oil and gas commodities are at risk of further soaring amid the escalating situation in the Middle East, especially with the blockade of the Strait of Hormuz.
The Strait of Hormuz is passed by around 20 percent of the world's oil trade. "So LNG, oil, fuel, and others mostly pass through the Strait of Hormuz to the Middle East and Europe," he said when contacted on Sunday, March 1, 2026.
After Iran closed Hormuz, trading had to shift to other routes. Changing routes is not easy, and the costs incurred are also higher. Therefore, the impact is that world oil prices are likely to increase sharply.
Read: Trump Says War in Iran Could Last 'Four Weeks or Less'
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