Energy Markets Rattle As Iran Conflict Threatens Supply

Oil prices surged Monday as continued US and Israeli strikes on Iran heightened fears over shipping disruptions in the Strait of Hormuz, a key route for global energy supplies.

Brent crude jumped more than 7% to nearly $78 a barrel, while US West Texas Intermediate rose above $72. Energy stocks climbed in response, with major oil companies posting strong premarket gains.

Taiwan’s Taiex closed down 0.9% as markets reacted to US and Israeli strikes on Iran. Investors are watching oil prices closely amid fears of wider energy disruptions. pic.twitter.com/eJDojhxsqL

— TaiwanPlus News (@taiwanplusnews) March 2, 2026

US President Donald Trump said Operation Epic Fury would continue until American objectives are met. Ongoing strikes on Iranian air defenses and naval assets have intensified concerns over oil flows from the Gulf.

Amrita Sen of Energy Aspects said prices could hover near $80, warning that even limited attacks on tankers could disrupt supply. After multiple vessels were hit, shippers are exercising caution.

Analysts said prolonged conflict or damage to energy infrastructure could push oil toward $100.

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Polymarket Sees $529 Million In Bets On Iran Bombing

Prediction market platform Polymarket recorded $529 million in trades linked to the timing of US and Israeli military strikes on Iran, according to Bloomberg. An analysis by Bubblemaps SA found that six newly created accounts earned about $1 million by correctly betting the US would strike Iran by February 28.

tippinsightsTIPP Staff