Oil prices climb again with Brent crude hitting $106 a barrel amid US-Iran escalation
Global crude benchmark hits $106 before retreating slightly to over $104
Fuel prices increase following recent developments in the Middle East and Iran, with the surge reflected on gas station price boards across the city in Berlin, Germany on March 3, 2026.
Istanbul
Oil prices rose again, with Brent crude hitting $106 a barrel early Monday before retreating slightly to over $104 as an escalation in Middle East tensions persists.
The price increase in the global crude benchmark came after oil futures resumed trading around 2200GMT on Sunday.
It also comes after US President Donald Trump said Friday that US strikes targeted Kharg Island, Iran’s main oil export terminal in the Persian Gulf, without hitting oil infrastructure.
He added, however, that while he has opted not to destroy the facilities, he would immediately reconsider his decision if Iran or anyone else interferes with the free and safe passage of ships through the Strait of Hormuz.
Since Israel and the US launched joint attacks on Iran on Feb. 28, killing some 1,300 people so far, including then-Supreme Leader Ayatollah Ali Khamenei, hostilities have escalated.
Iran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq and Gulf countries hosting US military assets.
