Hormuz threat sparks $100 oil fears

MG News | March 01, 2026 at 06:45 AM GMT+05:00

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March 1, 2026 (MLN): Oil markets are on edge after renewed threats from Iran to close the Strait of Hormuz, a move that could push crude prices above $100 per barrel, according to Bloomberg.

Bloomberg Economics warned that the biggest global impact of any disruption would come through oil. In a worst-case scenario involving the closure of the Strait of Hormuz and strikes on regional energy infrastructure oil prices could climb as high as $108 per barrel.

A map on the Bloomberg Terminal showed that oil tankers are currently crossing the Strait of Hormuz area. However, at least one tanker has reportedly performed a U-turn and exited the area, signaling rising caution in shipping activity.

Despite the heightened tensions, oil loading operations are continuing in key Gulf producers, including the Saudi Arabia, United Arab Emirates, Kuwait, Qatar, and Iraq.

Attention is also focused on the upcoming OPEC+ meeting scheduled for Sunday, as any escalation in the region could significantly influence global oil supply expectations and price direction.

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