U.S. crude oil prices are poised to open the March 2 trading session above $71 per barrel following the weekend attack on Iran.

In futures trading, a barrel of West Texas Intermediate oil surged more than 7 percent to firmly above $71 on the New York Mercantile Exchange.

The U.S. benchmark has been steadily climbing this year, rising 25 percent on geopolitical tensions.

Brent—the international benchmark for oil prices—also climbed in after-hours trading, soaring more than 7 percent to above $78 a barrel on London’s ICE Futures exchange.

Like its U.S. counterpart, Brent has been rallying this year, increasing about 29 percent.

But while oil prices are on track to kick off the trading week at their highest levels since June 2025, it is unclear how sustained the rally will be, Warren Patterson, head of commodities strategy at ING, said.

“For energy markets, we expect an aggressive price response when markets open,” Patterson said in a March 1 note.

Looking ahead, crude prices could rise to $100 per barrel in the near term if there are “significant and extended oil supply disruptions.” If the geopolitical situation quickly stabilizes, prices would likely moderate amid plentiful global production.

One of the chief concerns is the potential closure of the Strait of Hormuz, a vital artery of global energy flows. While it is not officially shuttered, there are widespread worries that Tehran could take this drastic measure.

Approximately 20 million barrels of oil and 100 billion cubic meters of natural gas are transported per day.

“It would be difficult to enforce a closure and any attempts to do so would likely see a strong response from the U.S.,” Patterson added.

“Vessels are becoming increasingly reluctant to navigate the strait given the risks, and the longer this reluctance persists, the more of an impact it will have on oil and gas markets.”

The reaction in natural gas markets has been tepid, with prices ticking up about 1 percent to around $2.90 per million British thermal units (Btu). The energy commodity has been highly volatile this year, mainly due to the severe winter storm that blanketed the United States in January.

Year-to-date, natural gas is down almost 9 percent.

But Iran’s key trading partners—the largest of which is China—had received their shipments ahead of time, said Anas Alhajji, an energy economist at Energy Outlook Advisors.

“Iran sent all its large oil tankers out of the Gulf more than a week ago, boosting its oil exports to the highest levels since 2017,” Alhajji said in a Feb. 28 note emailed to The Epoch Times. “There are no large tankers in any Iranian ports in the Gulf right now.”

Nearly all energy exports—an estimated 90 percent—in the Strait of Hormuz are directed to Asia. Iran produces 3.3 million barrels a day and exports an estimated 1.5 million barrels of crude oil daily.

The blue-chip Dow Jones Industrial Average dropped more than 500 points, or 1.08 percent. The tech-heavy Nasdaq Composite Index declined more than 200 points, or nearly 1 percent. The broader S&P 500 erased nearly 1 percent.

“For markets, the key risk is escalation. Oil, defense stocks, and safe-haven assets are likely to see volatility, while broader global growth expectations could weaken if energy prices spike,” Austin Hankwitz, market analyst at Grit Capital, said in a note emailed to The Epoch Times.

“The situation remains fluid, and investors are bracing for headline-driven swings as geopolitical risk moves front and center.”

Yields for long-term U.S. government bonds were down slightly, with the benchmark 10-year sliding below 3.96 percent.

Precious metals also gained in the aftermath of the U.S. attack on Iran amid a flight to safety.

Gold prices advanced more than 2 percent to nearly $5,400 per ounce. Silver also rose nearly 2 percent to $95 an ounce.