Oil futures surged in the first trades since the United States and Israel launched strikes against Iran over the weekend. Oil prices had already been rising in anticipation of an attack on Iran. Traders are betting that the current disruption to the oil market because of the strikes will be relatively brief. Iran has major oil reservesIran plays a pivotal role in the global oil market. But an even bigger concern would be if Saudi Arabia’s oil production facilities are attacked and knocked offline for a long period of time.

Source: CNN March 01, 2026 22:49 UTC