Brent crude oil prices jumped 8.5% in early trading on March 2, 2026, reaching multi-month highs after reports stated drone strikes on key Saudi Aramco oil facilities in Saudi Arabia. The sharp spike reflects growing fears of supply disruptions in the Persian Gulf amid the intensifying US-Israel-Iran conflict.
Key Drivers Behind the 8.5% Brent Surge:
- Drone strikes on Aramco facilities attributed to Iranian-backed groups (likely Houthis or IRGC-linked operations) in retaliation for Supreme Leader Ayatollah Ali Khamenei’s death in US-Israel strikes.
- Ongoing Operation Epic Fury and Israeli deep strikes into Tehran, destroying regime command centers and security headquarters.
- Regional spillover: Iranian missile/drone attacks on US bases and allies in Kuwait, UAE, Qatar, Bahrain, and now Saudi Arabia.
The Brent surge underscores how quickly the Middle East war is affecting global energy markets, with investors closely watching for any confirmed production cuts or additional strikes on oil infrastructure.