THE GUARDIAN: Stock markets around the world could tumble on Monday and motorists are likely to pay more at the pump
The price of oil is expected to soar on Monday as the US-Israel war on Iran and the effective closure of the crucial strait of Hormuz rattles investors despite major producers’ pledges to increase its output.
US crude is on track to rise by 11% when trading resumes, according to data from the broker IG. The jump comes as Opec+, the cartel of oil producers, agreed on Sunday to step up its output by more than expected as it assessed the impact of the conflict.
Iran’s Revolutionary Guards reportedly told ships on Saturday that passage through the strait of Hormuz was prohibited, in effect shutting the key choke point and prompting the halt of some oil shipments.
About $500bn (£372bn) of energy trade and 20% of global oil supplies pass through the strait each year. Vessels also carry chemicals and fertilisers, meaning disruption could affect agriculture and global food prices. » | Graeme Wearden and Mark Sweney | Sunday, March 1, 2026