Oil prices surge and stocks fall amid fears over Iran war
📖 Full Retelling
Global oil prices are in the high $70s as traffic through Strait of Hormuz comes to a halt. Some analysts have warned they could top $100 a barrel if the stoppage is prolonged. (Image credit: Fadel Senna)
Entity Intersection Graph
No entity connections available yet for this article.
Original Source
Oil prices surge and stocks fall amid fears over Iran war March 2, 2026 9:42 AM ET Camila Domonoske A motorboat cruises off the coast of the United Arab Emirates, on the Strait of Hormuz, with a tanker seen in the background, on February 25, 2026. Tanker traffic through the strait has come essentially to a stop after Iran declared the strait closed following attacks on Iran by the U.S. and Israel. Fadel Senna/AFP via Getty Images hide caption toggle caption Fadel Senna/AFP via Getty Images Global crude oil prices surged by about 8% and stocks fell as the war with Iran enters its third day. Brent crude, the global benchmark, was trading in the high $70s on Monday morning following the effective halt of tanker traffic through the Strait of Hormuz. That's a sharp rise from before the U.S. and Israel attacked, but far from a worse-case scenario. Analysts have warned that prices could top $100 a barrel if oil trade is disrupted for a prolonged period of time, or if the war spills over into neighboring countries and destroys oil infrastructure. Saudi Arabia says it has shot down drones targeting an oil refinery, while Qatar Energy says two natural gas facilities have been attacked. Middle East conflict How could the U.S. war in Iran affect the world's oil supply? Middle East conflict Iran war widens, threatening to engulf Lebanon Meanwhile, stock markets declined, with the Dow Jones Industrial Average falling over 400 points and the S&P 500 losing 0.7% as of early trading on Monday. Investors worry that a spike in energy prices could lead to higher inflation at a time when price gains seemed to have been slowly moderating. Gasoline prices likely to rise; natural gas spikes Global energy markets were closed on Saturday when the U.S. and Israel attacked Iran. When trading opened on Sunday night, prices briefly topped $80 a barrel before settling slightly. Middle East conflict Photos: U.S.-Israeli strikes in Iran and reactions from around the world Patrick de Haan, an analys...
Read full article at source