Oil Prices Act Calm While Strait of Hormuz Plays Hard to Get
KEY POINTS
- •Bob McNally from Rapidan Energy Group warned markets may be too complacent about the regional conflict risks.
- •Iran’s attacks disrupted tanker traffic through the Strait of Hormuz and hit energy sites in Saudi Arabia and Qatar in early March 2026.
- •Despite these disruptions, Brent crude prices peaked around $85 before settling at $81, with analysts predicting possible rises if blockades persist.
Since the attacks on Iran ramped up in early 2026, global oil prices have modestly spiked to around $81 a barrel, flirting briefly with $85—the oil market’s version of 'playing it cool' despite the Strait of Hormuz choking off nearly 25% of the world's seaborne oil traffic. Veteran analyst Bob McNally, who’s seen more geopolitical messes than a reality TV judge, warns that the market’s 'boy who cried wolf effect' might be underestimating Iran’s newfound talent for causing chaos. QatarEnergy shut down its LNG production at Ras Laffan, and Saudi Arabia’s giant Ras Tanura refinery took drone-hit collateral damage. Despite all, experts hedge bets that US military intervention will bail everyone out before prices hit triple digits—or at least until Iran perfects its shipping-blockade flex.
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(1 of 3)Oil prices are nervously sipping their overpriced cocktails while the Strait of Hormuz pretends it’s Monday traffic and not a global chokehold. Meanwhile, traders keep yawning like a classroom 'been there, done that' kid with geopolitical drama fatigue.
Nothing says 'oil drama' like prices refusing to break $100 while Tanker Tinder swipes left on the Strait of Hormuz blockade plans.
After years of geopolitical déjà vu, oil traders treat Iran’s strikes like that annoying friend who always says they’re crashing—but never actually shows up.
Source: Axios | Published: 3/3/2026 | Author: Ben Geman
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