The prices of crude oil and Brent rose by more than 7% on Monday, as the U.S. and Iran now continue their conflict into the third day.
Source: Trading Economics
Investors and the broader market are now anticipating continued disruption to oil markets after the Iranian Revolutionary Guard Corps (IRGC) said on Saturday (February 28, 2026), that no ships were to pass through the Strait of Hormuz, a vital choke point through while 20% of the global oil supply passes.
Iran is a major supplier of oil, and its biggest customer is China, to whom it supplies 1.6 million barrels per day.
Here are how oil prices stood at the time of writing on a 1-day basis, according to Trading Economics.
- Crude oil: $72.2 (7.77%)
- Brent: $78.8 (8.22%)
- Natural gas: $2.96 (+3.83%)
- Gasoline: $2.39 (+3.98%)
- Urals oil: $58.94 (+1.9%)
Multiple ships targeted in the Strait of Hormuz
Oil and gas tankers lay anchor around the Strait of Hormuz after three ships were attacked. It is still unclear as to who launched the attack, but shipping risks are now considerable.
Analysts are saying that the price of oil could continue to rise if the conflict continues.
Shipping giant Maersk said in an official statement on Sunday that it was monitoring the situation and had paused any crossings through the Strait.
“The safety of our crews, vessels and customers’ cargo remains our key priority. We are suspending all vessel crossings in the Strait of Hormuz until further notice. As a result, services calling ports in the Arabian Gulf may experience delays, rerouting, or schedule adjustments,” read the company’s official statement.
Investors park money in safe-haven metals, while Asian equities post downward slide
Gold and silver prices rose by 2% and 2.8% respectively, suggesting that investors are parking their wealth in safe-haven assets at this time.
Asian broad market equities either posted losses or traded evenly during trading hours. The Nikkei 225 and the Hang-Seng Index were down by 1.35% and 2.10% respectively, while the CSI 300 was up 0.35%.
The U.S. stock market is yet to open, while financial bourses in Dubai and Abu Dhabi will be closed on Monday and Tuesday, due to the conflict.