Latest Oil Market News and Analysis for March 2

Oil Pares Advance as Iran Crisis Disrupts Flows Through Hormuz
Oil pared the biggest surge in four years, with the US-Israeli war against Iran plunging the global crude market into turmoil, and triggering in the effective closure of the critical Strait of Hormuz.
Global benchmark Brent was about 4.5% higher near $76 a barrel, after earlier rallying by as much as 13% to the highest since January 2025. Tanker traffic through the strait — the chokepoint off Iran’s coast that handles a fifth of the world’s oil and large volumes of gas — has largely halted, with a self-imposed pause in place by shipowners and traders as the conflict spreads.