Oil prices hold steady amid U.S.-Iran conflict and market vigilance

The price of crude oil is holding steady on Saturday after Iran launched a barrage of missiles towards Arab countries in the Gulf. Specific countries affected include the UAE, Bahrain, and Qatar.

The retaliation is in response to airstrikes carried out by the U.S. in coordination with Israel. U.S. President Donald Trump has said there’s a “massive” military campaign in progress. 

Source: Trading Economics

While U.S. stock markets are closed, the prices of prominent oil indexes are in the green on a 1-day basis. The following oil-based commodities were in the positive: 

1. Crude oil: $67.02 (+2.78%)
2. Brent: $72.87 (+2.87%)
3. Natural Gas: $2.86 (1.13%)
4. Gasoline: $2.30 (+2.13%) 
5. Urals Oil: $57.84 (1.96%)

Market watches for possible disruption to Strait of Hormuz

Investors are now keenly waiting to see how the effects of the current U.S. military campaign will play out in Iran, with attention particularly fixed on the Strait of Hormuz

The Strait of Hormuz is a vital chokepoint through which millions of barrels of crude oil pass daily. Any major disruption to the Strait of Hormuz could spell bad news for the oil and gas industry and the world economy, as it accounts for 20% of the global oil supply.  

Flight operations disrupted in Dubai, Abu Dhabi

Major airlines have either suspended or disrupted flights to countries in the Gulf, awaiting further information as the situation progresses. 

Due to multiple regional airspace closures, Emirates has temporarily suspended operations to and from Dubai.

Emirates urges customers to check https://t.co/Ucm3UswfVh and https://t.co/yehFUeWZQq for the latest updates before proceeding to the airport.

We are actively monitoring… pic.twitter.com/SLDC7iNaUN— Emirates Support (@EmiratesSupport) February 28, 2026

Both Dubai and Abu Dhabi have put out official announcements on X, saying that flight operations for Dubai International Airport and Al Maktoum International Airport are suspended, and flight operations at Zayed International Airport will either be delayed, diverted, or cancelled.

pic.twitter.com/AoNP9f5Rox— ABU DHABI AIRPORTS مطارات أبوظبي (@ad_airports) February 28, 2026

Dubai Airports confirms that all flight operations at Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC) are suspended until further notice.

Passengers are advised not to travel to the airport at this time and to contact their respective airlines…— Dubai Media Office (@DXBMediaOffice) February 28, 2026

Last year, when tensions flared up between Israel and Iran, Bitcoin and the broader altcoin market faced significant losses, with $1 billion in liquidations. The majority of these were long positions. At the same time, stock prices of shipping companies such as Hapag-Lloyd and Maersk rose in potential anticipation of an increase in shipping costs, while oil prices increased by as much as 9%.