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Asian shares and US futures decline, oil prices jump on Iran-Israel warAsian equities increased 1.3%, while the S&P 500 and Nasdaq 100 futures declined 1%. Benchmark crude oil increased 13%, before paring gains, as the conflict plunged the global crude market into turmoil with the effective closure of the Strait of Hormuz.By CNBCTV18.com March 2, 2026, 6:36:20 AM IST (Published)2 Min ReadUS stocks declined and crude oil prices surged as global markets were unsettled by the escalation of the conflict in the Middle East. The dollar strengthened.

Asian equities increased 1.3%, while the S&P 500 and Nasdaq 100 futures declined 1%. Benchmark crude oil increased 13%, before paring gains, as the conflict plunged the global crude market into turmoil with the effective closure of the Strait of Hormuz.

As investors shunned risk, haven assets got a boost. Treasuries rose, with the 10-year yield falling to the lowest level since April and the 5-year yield declining to the lowest since October 2024. Gold advanced 1.6%, trading close to $5,360 an ounce. The dollar strengthened against almost all its Group-of-10 peers.

Shaken by fresh anxieties over artificial intelligence and potential cracks in credit, all while trading at historically high valuations, stock markets now must contend with the spiraling military action in Iran and the broader region that threatens to destabilize global shipping and limit travel. The impact on oil and inflation is of paramount concern in markets that last month saw US stocks post their worst drop since April.

Bloomberg Economics said that if the Strait of Hormuz is closed, then it could trigger a spike as high as $108. About one-fifth of global oil flows pass through the waterway, making it a critical energy choke point.

Digital signals indicate that oil-tanker traffic through Hormuz has nearly halted, and three ships were attacked near the mouth of the Persian Gulf, heightening fears that supplies could tighten. Iran has said it doesn’t intend to shut the passage.

With inputs from Bloomberg

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