Oil Prices Soar Amid Strait of Hormuz Tensions and US-Iran Conflict
Crude oil prices surged on Friday, October 2, 2026, as tensions in the Strait of Hormuz and the US-Iran conflict weighed on markets. Brent crude reached $102.30 a barrel, while Murban crude rose to $109.40, with WTI crude at $93.05.
The rally was driven by concerns over disruption risks linked to the conflict, with traders assigning a higher risk premium to Middle Eastern supply, particularly barrels exposed to Gulf shipping disruptions. The jump in Murban crude above Brent indicates that traders are taking a cautious approach to regional logistics and energy security.
Despite some recovery in crude flows through the Strait of Hormuz, which have risen to 13.2 million barrels per day, according to Kpler data cited by Trading Economics, markets remain cautious about the sustainability of the recovery without a lasting agreement to end the Iran war.