Oil storms past $100 for first time since 2022
Investors trade on the New York Stock Exchange on March 2, 2026.
New York Stock Exchange
What you need to know today
Crude oil has finally done what analysts warned last week: IT exploded It exceeded $100 per barrel As Iran continues to close the critical Strait of Hormuz on Sunday. Crude oil exceeded the $100 mark for the first time since Russia invaded Ukraine in 2022. Early Monday, West Texas Intermediate crude was higher but still up 12% at $102 a barrel. Global benchmark Brent was trading at $106, up nearly 15%.
Markets reacted quickly; Dow futures are currently down almost 900 points. Meanwhile, S&P 500 futures and Nasdaq 100 futures are 1.6% and 1.7% lower, respectively, despite earlier lows. Asian markets too sank Mondaybut later reduced the losses slightly reports Saudi Arabia was offering to put crude oil on the market.
When oil prices started to rise rapidly, US President Donald Trump in question It was said on Truth Social that “short-term oil prices” were “a very small price to pay.” It remains unclear whether the rise is temporary or not, as the war shows no signs of abating. Iran announces Mojtaba, son of Ayatollah Ali Khamenei, as its new religious leaderAccording to reports. On Monday, US Embassy in Riyadh Issue first take off order Non-emergency government employees leaving Saudi Arabia.
now US Energy Secretary Chris Wright seems cautiously optimistic: saying Sunday “We are not far away” After the United States destroys Iran’s ability to threaten tankers, traffic in the Bosphorus will resume. In an interview with CNN, Wright said the “worst case scenario” was that the closure of the Straits would last “a few weeks, not months.”
Geopolitical turmoil tests global diplomacy trump to arrange He will meet with Chinese President Xi Jinping From March 31 to April 2, Between the war in Iran and disagreements over trade tariffs. On Sunday, Beijing’s top diplomat Wang Yi signaled that preparations for the meeting were continuing and reiterated the country’s call for a ceasefire, saying “this is a war that should not happen” and that it “does no good to anyone.”
Meanwhile, G7 countries also collect An emergency meeting will be held in the coming days to address the Middle East crisis. The group, which includes the United States, Canada, France, Germany, Italy, Japan and the United Kingdom, has remained under pressure during both of US President Donald Trump’s terms in office. Group reportedly According to the Financial Times, joint release of emergency oil reserves is being discussed.
And finally…
Why is the world’s best-performing stock market experiencing historic volatility in 2025?
South Korea’s stock market has fluctuated wildly in recent days as investors reassessed risks from escalating war in the Middle East.
While global risk aversion has played a significant role, experts said the Korean market’s concentration in two memory giants and its sensitivity to energy shocks make it particularly vulnerable to sharp fluctuations.
According to experienced experts in the market, another factor strengthening the market’s movements is South Korea’s large retail investor base and active derivatives market.
— Lee Ying Shan
