Iran War Oil Crisis: Global Prices Surge Amid Strait Blockade

Brent Crude Hits $78 as Hormuz Closure Threatens 30% of World SupplyDescription: The escalating Iran-US-Israel conflict has sent shockwaves through global energy markets,

Asian Media Network | Published on: Mar 4, 2026, 1:19 AM

Brent Crude Hits $78 as Hormuz Closure Threatens 30% of World SupplyDescription: The escalating Iran-US-Israel conflict has sent shockwaves through global energy markets, with Brent crude oil prices jumping 10% to $78.52 per barrel following Iran's blockade of the Strait of Hormuz— a vital chokepoint for 20-30% of the world's oil shipments.

Supreme Leader Khamenei's death has intensified fears, pushing WTI crude to $75 and analysts warning of $100-150 peaks if hostilities persist.

Shipping and insurance costs are soaring, with India's petrol prices already up ₹10-15, amplifying economic strain on import-dependent nations.