Title: Oil Jumps Past $84 as Middle East Tensions Threaten Global Supply Date Published: 04 March 2026 Description: Global oil prices surged sharply on Tuesday, with Brent Crude climbing above $84 per barrel, as escalating tensions in the Middle East stoked fears of prolonged conflict and severe disruptions to global energy supply.As of 7:00 a.m. ET, Brent crude was trading at $84.24 per barrel, up 8.36 per cent. The U.S. benchmark, West Texas Intermediate, also rallied strongly, rising about 8 per cent to $76.93 per barrel after breaking above the $75 mark.The latest rally follows an almost 10 per cent gain on Monday, triggered by comments from U.S. President Donald Trump suggesting that the ongoing military campaign against Iran, code-named “Epic Fury,” could last far longer than initially anticipated.“Whatever it takes… Right from the beginning, we projected four to five weeks, but we have capability to go far longer than that,” Trump said late Monday, raising investor concerns over a drawn-out confrontation in the oil-rich region.Market anxiety intensified further after Iran announced the closure of the Strait of Hormuz, the narrow waterway between Iran and Oman through which about 20 per cent of global oil and gas shipments pass daily.The move followed reported joint U.S.-Israeli strikes, with Tehran warning of severe consequences for vessels attempting to transit the route. Ebrahim Jabbari, a senior adviser to the commander-in-chief of the Islamic Revolutionary Guard Corps, was quoted as saying any ship attempting to cross the strait would be attacked and set ablaze.However, the United States Central Command disputed Iran’s claim, with a senior U.S. military official telling Fox News that the strait remains open to navigation.Despite the conflicting claims, shipping activity through the corridor has effectively slowed, as tanker operators and traders remain reluctant to test the threats. Analysts say even the perception of danger is sufficient to disrupt flows and tighten global supply.Energy analysts warn that oil prices could surge to $100 per barrel or even $120 if tanker traffic through the Strait of Hormuz is not restored within weeks. With limited spare production capacity and few alternative export routes, a prolonged disruption could have far-reaching consequences for global energy markets and fuel inflation worldwide. Attached Images: e1441da98ec84725e10171601d905a93a13373382567ab50e9fbfbe5c93fc871.webp Attached Video: None