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Asian banal markets plunged connected Monday (March 9, 2026) arsenic oil prices soared 30% connected fears astir supplies from West Asia arsenic the U.S.-Israeli warfare against Iran continued into a 2nd week with nary motion of letting up.
Investors, already spooked by concerns implicit extended tech valuations and the immense spending connected AI, ran for the hills arsenic crude rocketed to its highest level since the Russian penetration of Ukraine successful 2022.
Fears grew that the West Asia struggle could past for immoderate clip aft U.S. President Donald Trump said lone the “unconditional surrender” of Iran would extremity the war.
Israel-Iran warfare LIVE updates
He added astatine the play that the spike successful prices was a “small terms to pay” to destruct Iran’s atomic threat, reiterating the White House’s insistence that the emergence is temporary.
Both main contracts, which had surged much than a 4th past week, spiked arsenic Iran carried retired retaliatory strikes against crude-producing Gulf nations.
West Texas Intermediate, the main U.S. lipid benchmark, jumped arsenic overmuch arsenic 30% to deed a precocious of $118.88 per barrel, portion Brent spiked 28% to arsenic overmuch arsenic $118.73.
Since the opening of the war, WTI is up much than 75% and Brent much than 60%.
Attacks connected oilfields were reported successful confederate Iraq and successful the bluish autonomous Kurdistan region, which forced a U.S.-run oilfield to cease production, portion the United Arab Emirates and Kuwait person started reducing output.
That came with maritime postulation successful the Strait of Hormuz — done which a 5th of planetary crude and state passes — halted since the warfare began connected February 28.
The imaginable of precocious vigor prices for a sustained play has fanned fears of a caller spike successful ostentation that could deed the planetary system portion preventing cardinal banks from cutting involvement rates to enactment growth.
With the imaginable of the planetary system taking a stroke from the crisis, equity markets extended past week’s losses.
Seoul, which had been the champion performer this twelvemonth acknowledgment to a tech rally, tumbled much than 8 percent astatine 1 point, portion Tokyo shed 7 percent and Taipei fell much than 5 percent.
Hong Kong, Shanghai, Sydney, Singapore, Manila and Wellington were besides sharply lower.
‘Very tiny terms to pay’
Futures for each 3 main indexes connected Wall Street were down much than 2%, portion the dollar jumped against its peers arsenic traders sought retired its harmless haven status.
“The deeper daze is spreading crossed the accumulation chain,” said SPI Asset Management’s Stephen Innes.
“Gulf producers are scaling backmost output due to the fact that retention hubs are filling up and export flows are seizing. Qatar has halted liquefaction astatine cardinal state facilities, a determination that volition instrumentality weeks to reverse adjacent if the struggle cools tomorrow.
“In different words, the marketplace is not dealing with a header shock. It deals with a carnal disruption of lipid molecules.
“Oil supra $100 is not conscionable a commodity rally. It becomes a taxation connected the planetary economy.”
However, M.r Trump sought to connection reassurance that the spike successful crude would not past long.
“Short word lipid prices, which volition driblet rapidly erstwhile the demolition of the Iran atomic menace is over, is simply a precise tiny terms to wage for U.S.A., and World, Safety and Peace,” helium wrote connected societal media Sunday evening Washington time.
“ONLY FOOLS WOULD THINK DIFFERENTLY!”
Michael O’Rourke astatine JonesTrading warned that the symptom for investors could past for immoderate time.
“The worst is yet to travel successful the banal marketplace reaction” helium said. “I would expect much of a risk-off temper until we get immoderate tangible affirmative news.”
Compounding the downbeat temper was quality Friday that the U.S. system unexpectedly mislaid jobs successful February, portion unemployment edged up.
Another study besides pointed to a driblet successful U.S. retail sales.
Key figures astatine astir 0230 GMT
West Texas Intermediate: UP 27.6% astatine $116.00 per barrel
Brent North Sea Crude: UP 25.5% astatine $116.27 per barrel
Seoul - Kospi: DOWN 7.9% astatine 5,141.76
Tokyo - Nikkei 225: DOWN 7.0% astatine 51,740.46 (break)
Hong Kong - Hang Seng Index: DOWN 3.2% astatine 24,926.62
Shanghai - Composite: DOWN 1.3% astatine 4,070.90
Euro/dollar: DOWN astatine $1.1520 from $1.1604 connected Friday
Pound/dollar: DOWN astatine $1.3298 from $1.3385
Dollar/yen: UP astatine 158.70 yen from 157.88 yen
Euro/pound: DOWN astatine 86.64 pence from 86.67 pence
New York - Dow: DOWN 1.3% astatine 47,501.55 (close)
London - FTSE 100: DOWN 1.2% astatine 10,284.75 (close)
