London/New York, 2 March 2026 (dpa/MIA) - Oil prices have jumped sharply following the weekend escalation in the Middle East.

Brent crude for April delivery rose 14% in the first minutes of trading to $82.37 a barrel, its highest level since January 2025. US West Texas Intermediate (WTI) crude also posted double-digit gains.

After the initial surge, prices gave back some of the early gains but remained up around 9%.

The spike comes after Israel and the United States launched attacks on Iran over the weekend, killing Iranian Supreme Leader Ali Khamenei, among others. Iran responded with counterattacks and restricted shipping through the Strait of Hormuz, a key chokepoint for global energy trade.

Around one-fifth of the world's daily oil shipments pass through the strait, and any disruption can push energy prices higher and unsettle global markets.

Eight countries forming the core of the OPEC+ group of oil producers on Sunday decided to increase daily production to prevent shortages and curb excessive price spikes.

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