Oil prices jump, global markets tumble amid Iran-Israel tensions

Oil prices surged and global equities slid on Monday (March 2) as escalating tensions involving Iran, Israel and the United States rattled financial markets, reports Al Jazeera.

Brent crude, the international benchmark, briefly soared as much as 13 per cent in early Asian trading before easing slightly. By midday in Tokyo, it was still up around 5 per cent at $76.48 per barrel, reflecting investor concerns over potential supply disruptions in the Middle East.

The spike in energy prices triggered a broad selloff in stock markets. Hong Kong’s Hang Seng Index fell nearly 2 per cent, while Japan’s Nikkei 225 dropped 1.5 per cent as investors retreated from riskier assets amid mounting geopolitical uncertainty.

In the United States, futures linked to the S&P 500 and the tech-heavy Nasdaq Composite declined about 0.7 per cent ahead of the regular trading session.

Market analysts warn that a prolonged conflict could disrupt global supply chains and energy flows, adding further strain to an already fragile global economy.