Asia markets slide on Iran tensions, oil surges

March 03, 2026 (MLN): Asian markets came under pressure on Tuesday as geopolitical tensions in the Middle East intensified, with the ongoing conflict involving Iran entering its fourth consecutive day and rattling regional markets.

Energy markets reacted sharply after reports indicated that Tehran had shut down the strategic Strait of Hormuz a critical artery for global oil shipments.

The development fueled fresh supply concerns and pushed crude benchmarks higher.

U.S. West Texas Intermediate (WTI) crude futures advanced 1.4% to settle at $72.23 per barrel, while Brent crude gained 1.87% to trade at $79.20 per barrel on Monday.

The uptick in prices shows mounting fears of potential disruptions to global energy flows amid heightened regional instability.

The Strait of Hormuz remains one of the world’s most strategically vital maritime chokepoints.

More than 14m barrels of crude oil per day passed through the strait on average last year, according to CNBC.

This volume represents nearly one-third of total global seaborne crude exports, emphasizing the market’s sensitivity to any operational disruptions in the corridor.

Observers are closely monitoring further developments, as any prolonged closure or escalation could have far-reaching implications for global oil supply chains, inflation trends, and financial markets worldwide.

Furthermore, globally the S&P 500 edged slightly higher by 0.04% after bouncing back toward the end of the session, while the Nasdaq Composite gained 0.36%, reversing an earlier drop of around 1.6%, signaling some stabilization in global risk sentiment.

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