The Globe and Mail reports in its Monday, March 2, edition that oil prices jumped 13 per cent following U.S. and Israeli military attacks on Iran and its subsequent retaliation, raising concerns about supply disruptions in the Strait of Hormuz. The Globe's Jeffrey Jones writes that this key waterway accounts for about 20 per cent of the world's oil shipments, totalling over 20 million barrels a day. The strait is a key route for liquefied natural gas, primarily from Qatar, one of the largest suppliers. In 2024, about 20 per cent of global LNG passed through it, heading to China, India, Taiwan, South Korea and Europe. The strait is located between Iran and Oman, connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea. There are limited alternatives for oil and gas exports from the region. The global benchmark Brent crude price jumped above $82 (U.S.) a barrel when Asian markets opened on Monday. Oil last reached these levels in June, 2025. OPEC increased its output target for April by 206,000 barrels a day, a modest rise given the global supply of over 108 million barrels daily. This adjustment aims to demonstrate OPEC and its allies' readiness to utilize spare capacity if necessary, but not impulsively.