Brent crude surpasses $78 after reports of Hormuz closure
02/03/2026
Argaam
Oil prices continued to rise in post-settlement trading today, March 2, with Brent crude surpassing $78 a barrel after reports that the Iranian Revolutionary Guard (IRGC) had confirmed the closure of the Strait of Hormuz.
Brent crude was trading up 7.6% at $78.42 a barrel, at 12:20 am Makkah time, after rising 6.68% to settle at $77.74 a barrel.
West Texas Intermediate (WTI) jumped 6.88% to $71.85 a barrel, after ending the trading up 6.28% at $71.23 a barrel.
Ebrahim Jabari, a senior advisor to IRGC commander-in-chief, confirmed the closure of the Strait of Hormuz and noted Tehran would fire on any ship attempting to cross, Reuters reported, citing Iranian media.
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Brent Crude Oil
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0.82
0.81%
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