Oil jumps 15% to 20-month high of 84/barrel:LNG prices in Asia soar to 3-year high since US-Iran war

Due to obstructions caused by Iran for oil tankers moving in the largest oil supply route of the world, the Strait of Hormuz, crude oil prices have soared by 15% to 20-month high of $84 per barrel in the last five days. On Wednesday, 4 March 2026, the international standard, Brent crude traded at an elevated level of $84 per barrel. Since, the US and Israel’s joint attack on Iran began on Saturday, 28 February, 2026, the oil prices have risen over 15%. Asian LNG soars to 3-year high after Iranian strike Liquefied Natural Gas (LNG) prices in the Asian market surged to the highest level in three years after world’s biggest producer of liquefied gas, QatarEnergy suspended production following Iranian strikes on its LNG facilities. Citing ‘Bloomberg’ report, the oil and energy news portal, ‘www.oilprice.com’ said that LNG spot prices jumped to $35.40 per million British thermal units on Wednesday. Amid rising tensions in West Asia and the Iran-Israel war, Hardeep Singh Puri, Minister of Petroleum Natural Gas, had said that India was well stocked with crude oil and inventories of key petroleum products including petrol, diesel and ATF to deal with short-term disruptions arising from the Middle East. Earlier, Iran had announced the closure of the Strait of Hormuz. Additionally, Iran’s military had warned that if any ship passed through this route, it would be set on fire. Located between Oman and Iran, this route is considered the most crucial for the world’s oil business.