Oil prices rise sharply after attacks in Middle East disrupt global energy supply

Oil prices rose sharply as markets opened on MONDAY, driven by heightened geopolitical tensions after reported U.S. and Israeli strikes on Iran and retaliatory attacks against Israel and U.S. bases across the Gulf, disrupting sentiment in the global energy supply chainAs of 1 March 2026, crude oil closed at 78.36, rising 10.55% weekly from 70.88 and 10.85% monthly from 70.69. Quarterly, prices surged 24.05% from 63.17, while year-on-year crude is 7.62% higher than 72.81 recorded on 1 March 2025. Crude is trading 32.99% above its yearly low of 58.92 (16 December 2025) and is just -0.62% below its yearly high of 78.85 (19 June 2025), keeping prices near peak annual levels.Disclaimer: PolyMart does not offer guarantees regarding the accuracy, reliability, or completeness of the information provided on its platform. Users are advised to independently verify any data before relying on it for decision-making purposes.