ConfirmedShipping, energy & marketsBackgroundLondon, United Kingdom

Oil jumps as markets reopen, with Brent up as much as 13% in Asian trading

Mountain Time: 5:16 PM MT, Sunday, March 1, 2026
Local time: 12:16 AM in London, Mar 2
Where: London, United Kingdom

Oil rose sharply when trading resumed Sunday evening: Brent was around $79 a barrel, about 8% above Friday's close, and climbed as much as 13% in Asian trading Monday before paring gains. OPEC+ had agreed on Sunday to raise April output by 206,000 barrels a day, more than expected.

Why it matters

Traders were pricing in a loss of Gulf supply as Hormuz traffic stalled, and an analyst warned the OPEC+ increase might not be enough to prevent a price spike.

Sources (5)

CBS News (AP)cbsnews.comPublished Mar 1, 2026, 5:16 PM MT
Associated Pressapnews.comPublished Mar 1, 2026, 5:39 PM MT
Al Jazeeraaljazeera.comPublished Mar 1, 2026, 8:30 PM MT
Al Jazeera (2)aljazeera.comPublished Mar 1, 2026, 5:45 AM MT
CBS News (AP) (2)cbsnews.comPublished Mar 1, 2026, 9:09 AM MT

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