Oil prices surge and stocks fall amid fears over Iran war

A motorboat cruises off the coast of the United Arab Emirates, on the Strait of Hormuz, with a tanker seen in the background, on February 25, 2026. Tanker traffic through the strait has come essentially to a stop after Iran declared the strait closed following attacks on Iran by the U.S. and Israel.

Global oil prices are in the high $70s as traffic through Strait of Hormuz comes to a halt. Some analysts have warned they could top $100 a barrel if the stoppage is prolonged.

(Image credit: Fadel Senna)