WTI and Brent Crude Surge 5%+ as Middle East Conflict Escalates Following Death of Iran's Supreme Leader

Oil prices exploded over 5% in early trading on Monday, March 2, 2026, as a direct military confrontation between the U.S., Israel, and Iran sent shockwaves through global energy markets. The surge follows the confirmed death of Iranian Supreme Leader Ayatollah Ali Khamenei during coordinated U.S.-Israeli airstrikes over the weekend, an event that has plunged the world's most critical oil-producing region into unprecedented chaos.