As of March 2, 2026, the Middle East conflict has escalated dramatically following U.S. and Israeli military strikes on Iran, which resulted in the death of Supreme Leader Ayatollah Ali Khamenei. The situation has led to a significant surge in oil prices, with Brent crude rising as much as 14% to over $82 per barrel, marking the largest increase in four years. This spike is attributed to disruptions in shipping through the crucial Strait of Hormuz, where shipowners and traders are largely avoiding transit due to risks of missile attacks, raising concerns about prolonged supply shortages (South China Morning Post). U.S. President Donald Trump indicated that the strikes on Iran could last weeks, further exacerbating market fears (Al Jazeera).
BUSINESS
Oil Prices Surge 14% As U.S.-Israel Strikes Hit Iran
93% NEGATIVE
The Middle East conflict escalated after U.S. and Israeli strikes on Iran, causing oil prices to surge 14% and triggering market volatility globally, including a record drop in Pakistan's stock mar...
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