Oil prices surge in Asia, stocks under pressure

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Oil prices surge 13% after US-Israel strikes on Iran Middle East tensions rise as Iran promises retaliation $100+ oil back in play if Hormuz disruption worsens: analysts Wait for a 10% drop in the S&P 500 before buying the dip, Barclays says (South Africa Philippines Nigeria) Oil prices surge in Asia, stocks under pressure By Reuters Stock Markets Published 03/01/2026, 06:40 PM Updated 03/01/2026, 06:43 PM Oil prices surge in Asia, stocks under pressure 2 Euro US Dollar -0.46% US Dollar Japanese Yen 0.38% US Dollar Swiss Franc 0.09% Australian Dollar US Dollar -0.82% JP225 -2.17% GC 2.68% ESH26 -1.03% CL 7.52% NQH26 -1.05% TYH26 0.15% BNQA 0.20% TNX -1.37% By Wayne Cole SYDNEY, March 2 - Oil prices surged on Monday and investors stampeded to the safety of bonds and gold as military conflict in the Middle East looked set to last weeks, just as markets had been spooked by AI and banking fears. Brent jumped 9% to $79.42 a barrel, while U.S. crude climbed 8.6% to $72.61 per barrel. Gold rose 1.4% to $5,350 an ounce. [O/R][GOL/] Military strikes by the United States and Israel on Iran showed no sign of lessening, while the Arab nation responded with missile barrages across the region, risking dragging its neighbours into the conflict. President Donald Trump suggested to the Daily Mail the conflict could last for four more weeks, while posting that attacks would continue until U.S. objectives were met. All eyes were on the Strait of Hormuz where around a fifth of the world’s seaborne oil trade flows and 20% of its liquefied natural gas. While the vital waterway has not yet been blocked, marine tracking sites showed tankers piling up on either side of the strait wary of attack or maybe unable to get insurance for the voyage. "The most immediate and tangible development affecting oil markets is the effective halt of traffic through the Strait of Hormuz, preventing 15 million barrels per day of crude oil from reaching...