Tuesday Mar 10, 2026
Tuesday Mar 10, 2026
Tuesday, 10 March 2026 00:27 - - {{hitsCtrl.values.hits}}
Oil prices have surged past $ 100 a barrel amid the fallout of the US and Israel’s war on Iran.
Brent crude, the international benchmark, rose more than 30% on Sunday, at one point topping $ 119 a barrel, as fears grew of prolonged disruption to global energy supplies.
The surge marked the first time oil rose above $ 100 per barrel since Russia’s 2022 invasion of Ukraine.
Oil prices dropped back to around $ 110 per barrel after The Financial Times reported that G7 Finance Ministers would discuss the release of petroleum reserves in coordination with the International Energy Agency.
US President Donald Trump, who campaigned heavily on cost-of-living concerns in the 2024 election, brushed off the spike in prices.
“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.SA., and World, Safety and Peace,” Trump said in a post on Truth Social.
Crude oil prices have surged by about 50% since the US and Israel launched joint strikes on Iran on 28 February.
Iran has brought shipping in the Strait of Hormuz to an effective halt in retaliation, threatening about one-fifth of the global oil supply.
Iraq, the United Arab Emirates (UAE), and Kuwait, three of the biggest producers in The Organisation of the Petroleum Exporting Countries (OPEC), have cut production amid an accumulating backlog of barrels with nowhere to go due to the effective closure of the waterway.
Stocks in Asia fell sharply yesterday, as investors braced for the fallout of rising energy prices.
Japan’s Nikkei 225 closed more than 5% lower after falling as much 7% in early trading. South Korea’s KOSPI was down 6% after plunging as much as 8% in the session. In Hong Kong, the Hang Seng Index was down 1.35%.
European stocks opened lower, with the FTSE 100 in London and the DAX in Frankfurt down about 2% and 3%, respectively.
US stock futures, which are traded outside of regular market hours, also saw substantial losses.
Gold prices have surged amid escalating geopolitical tensions in the Middle East, pushing the estimated global market value of the metal to between $3 0 trillion and $ 35 trillion and reinforcing its role as a refuge during periods of financial and political instability.
International gold benchmarks have risen above $ 5,400 an ounce and briefly approached record levels near $ 5,600, extending a rally that has been building for several years. The latest gains accelerated after the recent escalation in the Iran conflict triggered volatility across global financial markets and drove investors towards traditional safe-haven assets.
The surge in prices has sharply increased the estimated value of all above-ground gold. At current price levels, the metal’s total market value is estimated at $ 30 trillion to $ 35 trillion — far exceeding the combined economic output of India and the UK, which together produce roughly $ 8 trillion to $ 9 trillion in annual GDP.
