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Brent oil price tops $85 for first time since July 2024

World News

03-03-2026 | 07:44

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Brent oil price tops $85 for first time since July 2024

Oil prices soared on Tuesday as the Iran war disrupted supplies, with the crucial Strait of Hormuz effectively closed off and energy infrastructure hit.

The Brent North Sea crude contract, the international benchmark, jumped more than eight percent to reach $85.12 a barrel, its highest level since July 2024.

The main U.S. oil contract, West Texas Intermediate, climbed more than seven percent to $76.47 a barrel.

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