Oil prices had already been rising in anticipation of an attack on Iran. But Exxon and Chevron shares rose pre-market as high oil prices tend to boost oil companies’ profits. Large-scale unrest, a chaotic power vacuum, strikes that take out oil production, or a prolonged shutdown of a critical oil shipping channel could eventually send oil to $100 a barrel or even higher, industry analysts warn. Iran has major oil reservesIran plays a pivotal role in the global oil market. The increase in supply may have somewhat blunted the surge in oil prices, but energy analysts don’t expect it to do much to keep prices in check if there is a sizeable disruption to oil flows.

Source: CNN March 02, 2026 04:31 UTC