Oil prices spiked Monday to nearly $80 a barrel amid the United States’ war with Iran, as shippers are being cautious about entering the Strait of Hormuz – a major shipping channel.
International standard Brent crude prices reached a new 52-week high on Monday, increasing by 8.6% at $79.11 per barrel, while U.S. oil traded 7.6% higher at $72.12 per barrel, The Associated Press reported. Meanwhile, natural gas futures in Europe increased more than 40% after Qatar halted production due to the war.
https://tennesseestar.com/economy/oil-prices-jump-to-over-70-amid-iran-war-strait-of-hormuz-shipping-fears/jtnews/2026/03/02/
