# Global oil and gas prices soar as Iran crisis disrupts shipping, production | Reuters

> Oil contract settled up $3.66, or 4.7%, at $81.40 a barrel, its highest settlement since January 2025. European gas prices soared as much as 40% before paring gains, following a 40% surge on Monday. Sugar, fertilizer and soy prices have also risen.

- Date: 2026-03-03 · published 2026-03-03T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/8777-global-oil-and-gas-prices-soar-as-iran-crisis-disrupts-shipping-production
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Urea](https://feedsoft.ai/c/UREA.md)

## Why it matters

The Iran crisis is lifting energy and fertilizer costs, which raises feed production expenses and can support soy complex prices through biofuel demand. Higher energy costs also feed through to input and freight prices for feed buyers.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- UREA: bullish ▲
- BRENT: bullish ▲
- NATGAS: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| UREA | 2026-03-03 | 5 | +28.3% | 5.3 | Surging oil and European gas prices raise nitrogen production costs and reinforce fertilizer price gains. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 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) | +31.0% | +62.6% |
| BRENT | 2026-04-01 | [How the Iran War Is Disrupting Global Oil and Gas Supply](https://feedsoft.ai/events/20364-how-the-iran-war-is-disrupting-global-oil-and-gas-supply.md) | -12.2% | -1.1% |
| BRENT | 2019-10-01 | [Saudi Arabia crude oil production outage affects global crude oil and gasoline prices](https://feedsoft.ai/events/57236-saudi-arabia-crude-oil-production-outage-affects-global-crude-oil-and-gasoline.md) | -3.3% | +0.2% |
| BRENT | 2026-01-13 | [Oil prices rise by more than $1 a barrel on potential Iran supply disruption \| Reuters](https://feedsoft.ai/events/11389-oil-prices-rise-by-more-than-1-a-barrel-on-potential-iran-supply-disruption.md) | +1.4% | +8.5% |
| BRENT | 2026-03-02 | [Oil jumps as Iran conflict escalates, disrupts shipping](https://feedsoft.ai/events/8005-oil-jumps-as-iran-conflict-escalates-disrupts-shipping.md) | +31.0% | +62.6% |
| WTI | 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) | +35.6% | +50.4% |
| WTI | 2026-04-01 | [How the Iran War Is Disrupting Global Oil and Gas Supply](https://feedsoft.ai/events/20364-how-the-iran-war-is-disrupting-global-oil-and-gas-supply.md) | -6.6% | +6.7% |
| WTI | 2019-10-01 | [Saudi Arabia crude oil production outage affects global crude oil and gasoline prices](https://feedsoft.ai/events/57236-saudi-arabia-crude-oil-production-outage-affects-global-crude-oil-and-gasoline.md) | -2.5% | +2.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/global-energy-costs-soar-iran-crisis-disrupts-shipping-oil-gas-production-2026-03-03/

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