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March 3, 2026

Energy prices surge as tanker disruptions and facility shutdowns rattle global supply

  • The war in the Mideast is sending shudders through global energy markets.
    • By DAVID McHUGH
    AP Business Writer

    FRANKFURT, Germany — Oil prices rose sharply Monday as disruptions to tanker traffic through the Strait of Hormuz raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.

    U.S. oil traded 7.6% higher at $72.12 per barrel, while international standard Brent was up 8.6% at $79.11 per barrel. Natural gas futures in Europe jumped more than 40% after Qatar, a major supplier, halted production due to the conflict.


     
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