Iran Launches 13th Round of Retaliation. Crude Oil Prices Surge Past $70

TradingKey - Escalation of the US-Iran conflict drives crude oil prices higher, with institutions broadly bullish on the outlook.

During the early morning of Tuesday (March 3) in Asia, crude oil prices surged once again. Specifically, U.S. crude ( USOIL) jumped 1.35% to break through the $70 mark, touching $72 per barrel at one point, a new high since June 2025. WTI crude oil price chart, Source: TradingView

On March 3 local time, the Public Relations Department of the Islamic Revolutionary Guard Corps announced that its naval drone unit launched the 13th round of attacks on U.S. military bases as part of Operation 'True Promise-4.' A key concern is whether the Strait of Hormuz will be blocked, as it accounts for one-fifth of global oil transport.

On Monday, Ebrahim Jabari, an advisor to the commander of the Iranian Revolutionary Guard Corps, announced that the Strait of Hormuz had been closed. Speaking on state media, Jabari stated: 'The Strait of Hormuz is closed. If anyone attempts to pass, the heroes of the Revolutionary Guard and the regular Navy will set those vessels on fire; we will never allow a single drop of oil to leave the region.' However, according to Fox News, U.S. Central Command claimed the Strait of Hormuz is not blocked, noting that Iran is not patrolling the strait and there are no signs of mining in the channel.

Institutions generally maintain an optimistic outlook on future crude oil prices. Specifically, JPMorgan and ING believe that if the Strait of Hormuz is blocked, international oil prices could exceed $120 per barrel. Deutsche Bank is even more aggressive, suggesting prices could reach $200 per barrel.