AP explains: How Iran war is driving fast-rising oil prices

Описание: (5 Mar 2026)
RESTRICTION SUMMARY:

ASSOCIATED PRESS
London, UK - 3 March 2026
1. SOUNDBITE (English) Mustakim Hasnath, The Associated Press:
++PART OVERLAID BY SHOTS 2-4++
"Oil prices are rising fast. Here's how markets around the world are responding. On trading floors around the World like this one in central London, Brent crude futures are being bought and sold. Now that might sound a bit complex, so let's break it down. Brent is the main international oil benchmark. It's used to price roughly two thirds of the world's globally traded crude. So what's traded here isn't necessarily physical barrels of oil, it's essentially future contracts known simply as 'futures'. These are essentially agreements to buy or sell oil at a set price for future delivery. And those prices are constantly moving. In recent sessions, Brent has risen sharply as markets react to U.S. and Israeli attacks on Iranian targets and Iranian counter strikes which have disrupted tanker traffic and raised the risk of further instability around the Strait of Hormuz, which is a narrow shipping lane through which roughly a fifth of global oil supplies pass."
2. Various of trading floor at IG Trade UK’s office in Central London, traders with Brent crude price chart on computer screen
3. Various of Axel Rudolph, Senior Technical Analyst at IG analysing market trend behaviour for Brent crude oil prices at desk on computer

ASSOCIATED PRESS
ARCHIVE: Offshore the town of Ras Al Khaimah, United Arab Emirates - 19 January 2012
4. STILL Fishermen work in front of oil tankers south of the Strait of Hormuz (AP Photo/Kamran Jebreili, ID: 26060724655545)

ASSOCIATED PRESS
London, UK - 3 March 2026
5. Axel Rudolph explaining chart on screen showing how Brent crude prices have fluctuated in recent years
UPSOUND (English) Axel Rudolph, Senior Technical Analyst at IG:
“But what is interesting now is that, as you can see here, we are seeing a very sharp ascent of some $25, which is bigger than any of these previous ones that we've seen.”

ASSOCIATED PRESS
London, UK - 3 March 2026
6. SOUNDBITE (English) Mustakim Hasnath, The Associated Press:
++PART OVERLAID BY SHOTS 7-10++
"Now when prices are set, traders are considering things like shipping risks, insurance costs, and the chance that supplies could tighten even more. And that risk becomes embedded, it could even potentially snowball, in something called the forward curve, which is the series of prices for delivery in the months ahead. And so here's why all this uncertainty remains. If tensions ease that risk, it can calm down really quite quickly, but if disruption materializes, or instability persists, higher prices can feed through things like fuel costs, pump prices and potentially even inflation."
7. Various of trading floor at IG Trade UK’s office in Central London, traders with Brent crude price chart on computer screen

ASSOCIATED PRESS
Sharjah, United Arab Emirates - 1 March 2026
8. Wide of black smoke billowing up from industrial area in Sharjah
9. Fire and plumes of smoke at industrial area, firefighter vehicles

ASSOCIATED PRESS
ARCHIVE: Metairie, Louisiana, U.S. – 10 August 2022

10. Man refilling gas tank
STORYLINE:
Global energy trade is in turmoil as war around the Persian Gulf chokes off oil and natural gas shipments, causing prices to soar.

Asia is the most exposed since it relies heavily on imported fuel, much of it shipped through the Strait of Hormuz, the narrow passageway that carries a fifth of global trade in crude oil and liquified natural gas, or LNG.






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