Oil rises as expanding U.S.-Israeli conflict with Iran elevates supply risks
The Hindu
Oil prices rise amid escalating U.S.-Israeli-Iran conflict, raising supply disruption fears through the critical Strait of Hormuz.
Oil prices rose for a third day on Tuesday (March 3, 2026) as the widening U.S.-Israeli conflict with Iran and threats to shipping through the Strait of Hormuz heightened fears of supply disruptions from the key West Asia producing region.
Brent crude futures were at $79.44 a barrel, up $1.70, or 2.2%, by 0400 GMT. On Monday (March 2, 2026), the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7% higher.
Iran-Israel war LIVE
U.S. West Texas Intermediate crude jumped $1.17, or 1.6%, to $72.40 a barrel. In the previous session, the contract initially climbed to its highest since June 2025 before sliding back to still settle up 6.3%.
“With no quick de-escalation in sight, the Strait of Hormuz effectively closed and Iran showing a willingness to target energy infrastructure in the region, upside risks remain and they grow the longer the conflict drags on,” Tony Sycamore, IG market analyst, said in a note.
The U.S. and Israeli air war against Iran widened on Monday (March 2, 2026) with Israel attacking Lebanon and Iran responding with strikes against energy infrastructure in Gulf countries and against tankers in the Strait of Hormuz.
The rise in oil prices is expected to increase current account deficit (CAD) of major crude-importing Asian economies, which include India, according to an initial expert commentary.
India has 25 days of crude oil reserves and 25 days each of petrol, diesel stock: Government sources
India has ample crude oil and fuel reserves for 25 days each, ensuring 50 days of overall sufficiency amidst global tensions.
Tata Group Chairman expresses hope that West Asia conflict won't disrupt supply chains, prioritizing employee safety amid geopolitical uncertainties.
PM Modi calls for increased investment and prioritization of research in manufacturing to leverage new free trade opportunities for India.
Elon Musk’s social media platform X and artificial intelligence startup xAI plan to repay in full about $17.5 billion in debt tied to the companies, Bloomberg News reported
BMI warns that the ongoing West Asia conflict may deter investment in India, impacting GDP despite positive trade deal prospects.
Oil prices rise amid escalating U.S.-Israeli-Iran conflict, raising supply disruption fears through the critical Strait of Hormuz.
The US Treasury Department said Monday it is ending use of all Anthropic products, following US President Donald Trump's government-wide ban on the AI start-up after it rejected the Pentagon's demands.
Discover Rent a Tree, an innovative startup leasing mango trees across India, offering fresh Alphonso mangoes without the upkeep hassle.
Pine Labs plans to launch a stablecoin-backed prepaid card across nine countries, expanding its global payment solutions.
India's industrial production growth slowed to 4.8% in January 2026, with only infrastructure sector showing significant improvement.
Commerce Ministry meets exporters to address West Asia crisis disruptions, ensuring trade facilitation and procedural flexibility for smoother operations.
The rupee declined 42 paise to 91.50 against the dollar amid geopolitical tensions and rising crude oil prices.