Oil prices spike and stock markets drop after US-Israeli strikes on Iran

2026-03-02 - 13:24

Oil prices rose by up to nine per cent on Monday after United States and Israeli strikes on Iran and reported attacks on tankers near the Strait of Hormuz unsettled global energy markets. Brent crude climbed to around 79 dollars a barrel in early trading, while US benchmark West Texas Intermediate rose above 72 dollars. Equity markets in Europe and Asia fell as investors reacted to the widening conflict and the risk of supply disruption.