Oil prices rise amid Middle East supply risks and military uncertainty

Crude oil prices surged as market participants evaluated the potential for renewed military conflict involving Iran and the United States. Rigzone News and Bloomberg reported that global oil markets were tracking the possibility of renewed military strikes by the United States against Iran, which added fresh risk to energy supplies across the Middle East. [1][7]

Brent futures for December settled near peak levels of 118 dollars a barrel, marking a fourth consecutive monthly gain for the global benchmark, according to Rigzone News. The United States equivalent benchmark, West Texas Intermediate, closed above 104 dollars a barrel before paring gains in late trading after United States President Donald Trump stated that peace discussions were taking place. [1]

The United States oil industry earned over 130 billion dollars in profit during the conflict, according to NYT Climate and the National Security Journal. NYT Climate noted that this figure was almost three times as much as United States oil production and refining companies generated during the same period in 2025. [3][6]

Crude trading was also influenced by emergency supply measures. Oilprice reported that the United States Strategic Petroleum Reserve delivered barrels to the market, although the national reserve remains near its lowest inventory levels since 1982. [5]

On 28 February 2026, joint military strikes were launched against Iran, leading to widespread disruptions across the region and the closure of the Strait of Hormuz. [8]