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Reuters reports that the Iran war is throwing the oil market into its biggest crisis in decades. Benchmark Brent had already risen to around $70 a barrel, its highest since August 2025, as investors braced for military confrontation in the Middle East.
Steep price increases were expected when trading resumed Monday.
Iranian retaliation threatening Strait of Hormuz flows raises crude and diesel costs, which feeds through to freight, fertilizer and feed production costs and supports vegetable oil and biofuel-linked demand.
reuters.comRon BoussoFeb 28, 2026After 162 past geopolitics events, Natural Gas moved a median +2.2% over 5 sessions (61% higher; middle half -2.0% to +7.5%), and +4.1% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
