Michael Fortune
02 March 2026
Recent developments in the oil market are sending ripples of concern across the globe. Brent crude oil prices have surged by approximately 13%, hitting $82.37 per barrel, the highest level we’ve seen since January 2025. This spike in oil prices, while alarming, has a lot to do with ongoing geopolitical tensions, particularly the escalating conflict between the U.S. and Iran. To understand the magnitude of this situation, it’s essential to know that the Strait of Hormuz is a crucial transit route where about 20% of the world’s oil supply passes through. But as tensions rise, military actions—including strikes on Iranian sites by the U.S. and Israel—have sparked fears of disruption in this vital artery of global oil transportation. Recent attacks on oil tankers and offshore facilities in this region have already caused significant shipment halts and rising shipping costs. All of these factors are intertwining to tighten the global oil supply. Market analysts are split on how to interpret this surge. Some see it as a temporary spike, predicting that prices will stabilize once the geopolitical landscape calms down. Become a supporter of this podcast: https://www.spreaker.com/podcast/conspiracy-theories-exploring-the-unseen--5194379/support.
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