Crude oil boils on US-Israel-Iran war:Iran reportedly says ‘no ship allowed to pass Strait of Hormuz’; Brent jumps 3% to 7-month high of $72.87/barrel

The US-Israel joint attack on Iran has sent chills down the spines of global commodity experts regarding the resultant rise in crude oil prices at the international level. Already, the benchmark, Brent crude prices have risen to a 7-month high of 72.87 per barrel. On Saturday, 28 February, 2026 (the first day of the attack), Brent went up by nearly 3%. Why the Sudden Jump? The large-scale military operation against Iran has brought a really important area called the Strait of Hormuz into the danger zone. What’s the Strait of Hormuz? Imagine a narrow sea passage that’s like a super-busy highway for oil tankers. More than 20% of the world’s oil travels through this waterway. If something happens there, it can seriously mess with the global oil supply. Risk of Disruption Because of the military action, there’s a big worry that oil exports from the Middle East could be disrupted. Think of it like this: if a major highway gets blocked, it’s harder to get goods from one place to another. The same goes for oil. Traders and analysts are now adding a “risk premium” to oil prices. This is basically extra money added on because of the fear that the oil supply might be cut off or reduced. It’s like an insurance policy against potential problems. What’s Fueling the Fire? Geopolitical Tensions: The US and Israel’s military operation against Iran is the main spark. Strait of Hormuz: The fact that this critical waterway is now in a conflict zone is a huge concern. “War Premium”: Traders are adding extra costs to oil prices because of the increased risk of supply disruptions. Retaliatory Strikes: Iran has launched retaliatory strikes, increasing the risk of supply disruptions. What Does This Mean for You? If oil prices keep rising, you’ll likely see it at the pump when you fill up your car. It could also affect the prices of other goods and services, since oil is used to transport and produce many things we use every day. Basically, conflict in the Middle East is making people nervous about the world’s oil supply. This nervousness is causing oil prices to rise, which could eventually affect your wallet.