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OIL SURGES, STOCKS SLIDE, DOLLAR RALLIES AS CONFLICT GRIPS MIDDLE EAST
malaya Business Insight
|March 03, 2026
Oil prices surged, the dollar jumped and shares slid on Monday as military conflict in the Middle East looked set to last for weeks, threatening to upend a global economic recovery and perhaps reignite inflation.
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Brent jumped around 10 percent to $79.90 a barrel, though it had briefly topped $82.00 at one stage, while US crude climbed 8.2 percent to $72.64 per barrel. Safe-haven gold rose 2.6 percent to $5,413 an ounce.
Israel launched new air strikes targeting Tehran and expanded its military campaign to include attacks on Iran-backed Hezbollah militants in Lebanon on Monday, as US President Donald Trump signalled the US-Israeli military assault on Iranian targets could continue for weeks.
Meanwhile, Iran's state media said anew wave of missiles was being launched from central parts of Iran towards “enemy locations”.
All eyes were on the Strait of Hormuz, through which around a fifth of the world’s seaborne oil trade flows and 20 percent 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.
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