Oil soars after U.S. and Israel attack Iran

Melisa R. H. Posted On March 2, 2026

WTI soared 6.7% to US$71.50 after the U.S. and Israel attacked Iran killed tis supreme leader. The war has disrupted the flow of oil in the crucial Strait of Hormuz for an indefinite period. Futures heading into Monday’s session were decidedly negative, but the TSX turned positive to close 0.59% to a record high of 34,541. IN contrast, Wall Street was mixed with the S&P flat, up only two points, the Nasdaq up 0.36%, and the Dow down 0.15%.

Naturally, defence and oil stocks rallied: Northrop Grunman 6.02%, Marathon Petroleum 5.86%, Suncor 2.6%, and Cenovus 2.83%. Travel slid: Air Canada -6.69% and Norwegian Cruise Line -10.53%. Elsewhere, Palantir rose 5.82%, AES tanked 17.77% and Energy Fuels popped 9.61%. The Iran attack is on the lips of everyone at the annual PDAC convention in Toronto (Prospectors & Developers Association of Canada) as they watched the price of gold climb 1.11% to US$5,337, and silver sink by 4.2% to US$89.70. Novagold jumped 6.76% though Hudbay Minerals slid 5.4%. Lastly, Bitcoin rose 5.55% to US$69,320.