OPEC+

Oil prices surge 13% as US-Iran conflict escalates with Khamenei death

March 01, 2026 Ti AI ṣe iroyin Àwòrán tí AI ṣe

One day after US and Israeli attacks on Iran ignited oil price fears, the confirmed death of Supreme Leader Ali Khamenei and Tehran's retaliatory strikes have driven prices up as much as 13%—the largest jump in four years—amid fears of Strait of Hormuz disruptions, which carry 20% of global crude. OPEC+ ramps up output, while Mexico's peso weakens against the dollar.