# Iran war throws oil market into biggest crisis in decades | Reuters

> 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.

- Date: 2026-02-28 · published 2026-02-28T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/20769-iran-war-throws-oil-market-into-biggest-crisis-in-decades-reuters
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| NATGAS | 2026-03-03 | [Global oil and gas prices soar as Iran crisis disrupts shipping, production \| Reuters](https://feedsoft.ai/events/8777-global-oil-and-gas-prices-soar-as-iran-crisis-disrupts-shipping-production.md) | +7.0% | -3.1% |
| NATGAS | 2026-03-24 | [Traders bet $500 million on oil price just before Trump's post on delay to Iran attack \| Reuters](https://feedsoft.ai/events/8154-traders-bet-500-million-on-oil-price-just-before-trump-s-post-on-delay-to-iran.md) | -1.1% | -6.4% |
| NATGAS | 2026-03-06 | [Iran war sends US crude futures up 12% a barrel \| Reuters](https://feedsoft.ai/events/5572-iran-war-sends-us-crude-futures-up-12-a-barrel-reuters.md) | +10.2% | -4.1% |
| NATGAS | 2026-03-01 | [Oil and gas prices surge as Iran war disrupts Middle Eastern output \| Reuters](https://feedsoft.ai/events/5228-oil-and-gas-prices-surge-as-iran-war-disrupts-middle-eastern-output-reuters.md) | +7.5% | +4.0% |
| NATGAS | 2022-02-14 | [War Fears Continue To Ripple Through Capital Markets \| Investing.com](https://feedsoft.ai/events/42924-war-fears-continue-to-ripple-through-capital-markets-investing-com.md) | +13.3% | +15.9% |
| WTI | 2024-10-04 | [Oil settles up, biggest weekly gains in over a year on Middle East war risk \| Reuters](https://feedsoft.ai/events/10024-oil-settles-up-biggest-weekly-gains-in-over-a-year-on-middle-east-war-risk.md) | +2.9% | -6.3% |
| WTI | 2026-07-30 | [Goldman Sachs: Diesel Crunch Is Now the Biggest Threat in Oil Markets \| OilPrice.com](https://feedsoft.ai/events/18536-goldman-sachs-diesel-crunch-is-now-the-biggest-threat-in-oil-markets-oilprice.md) | -10.8% | -2.9% |
| WTI | 2026-04-16 | [The Iran war has shattered oil's price compass \| Reuters](https://feedsoft.ai/events/8814-the-iran-war-has-shattered-oil-s-price-compass-reuters.md) | +1.8% | +11.8% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/iran-war-throws-oil-market-into-biggest-crisis-decades-2026-02-28/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.