Oil Rally Builds as ‘Staggering’ Middle East War Jolts Energy

WATCH: Oil’s metrics point to intense near-term tightness, as Bloomberg’s Rong Wei Neo explains.Source: Bloomberg

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By Bloomberg News

March 2, 2026 at 11:03 PM UTC

Updated on

March 3, 2026 at 8:34 PM UTC

Oil gained for a second day as the US and Israel stepped up attacks against Iran and the sprawling conflict’s impact on Persian Gulf energy assets deepened.

US oil futures rose to settle above $74.50 a barrel, closing out the biggest two-day advance in four years, while Brent closed at more than $81. Prices eased in post-settlement trading after President Donald Trump said the US will escort tankers through the Strait of Hormuz, a key tanker route, and provide insurance to ship.