As of March 2, 2026, the Middle East conflict has intensified following U.S. and Israeli military strikes on Iran, which resulted in the death of Supreme Leader Ayatollah Ali Khamenei. The situation has caused a dramatic spike in oil prices, with Brent crude briefly soaring nearly 14% to over $82 per barrel before settling around $76.07. The conflict has raised fears of a prolonged disruption in oil supply, particularly through the Strait of Hormuz, which is critical for global oil trade. President Donald Trump indicated that military actions could continue for four more weeks, further escalating tensions in the region (Nukta Latest, Business Recorder).
BUSINESS
Oil Prices Surge Amid U.S.-Israel Strikes On Iran Conflict
93% NEGATIVE
The Middle East conflict escalates after U.S. and Israeli strikes on Iran, causing oil prices to spike and triggering severe sell-offs in Pakistan and Indian markets amid rising geopolitical tensions.
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