Oil prices soar as Iran war escalates

Global oil prices are continuing to rise in the wake of U.S. and Israeli
attacks on Iran – and its response of bombing neighbouring
countries in a deliberate ploy to destabilise the region

MARITIME TRANSPORT CHOKE
POINTS (millions of barrels per day)

80 million barrels of oil are
moved by sea every day

DANISH
STRAITS
4.9

TURKISH STRAITS: 3.7

SUEZ CANAL: 4.9

BAB
EL-MANDEB
STRAIT
4.2

PANAMA
CANAL
2.3

STRAIT OF
MALACCA
23.2

CAPE OF
GOOD HOPE
9.1

IRAN
STRAIT OF HORMUZ (currently
closed due to conflict): 20.9

OIL PRICE SURGE
($ per barrel)

Jan 2026
Feb
Mar

55
60
65
70
75
80
85

MAR 5
$83.76

MAR 5
$77.92

Brent Crude

West Texas Intermediate (WTI)

Sources: Reuters, AFP, Yahoo! Finance
Chart data at 15:15GMT, Mar 5, 2026
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