Why Oil Prices Jumped After Attacks on Iran

In late February 2026 the United States and Israel launched strikes inside Iran, and the attacks pushed oil prices higher in Asian trade. Traders have bought crude because they fear a disruption to exports from the Gulf, while markets have reacted to news of attacks on vessels near the main shipping lanes.

Shipping routes were interrupted and the Strait of Hormuz saw attacks and shipping disruption, although Iran’s full export infrastructure was not reported to be offline. OPEC+ has agreed to increase output by 206,000 barrels per day from April in an effort to steady supplies, and some producers said they would monitor the situation closely. Financial markets in Japan and across Asia opened lower on the news, while gold and shipping equities rose.

Analysts pointed out that even a temporary closure of the strait would force tankers to take longer routes, raising costs and reducing flows. Traders have used futures and options to hedge, and some national oil companies are checking inventories to cover supply gaps.