Traders work at the New York Stock Exchange on March 2, 2026.
NYSE
What you need to know today
Crude oil finally did what analysts had been warning about last week: he breath more than 100 dollars per barrel Sunday as Iran continues to close the critical Strait of Hormuz. It was the first time crude oil crossed the $100 mark since Russia invaded Ukraine in 2022. Early Monday, West Texas Intermediate was far from its highs but still up 12% at $102 a barrel. Global benchmark Brent was trading around 15% higher at $106.
The markets reacted quickly and Dow futures are currently down almost 900 points. Meanwhile, S&P 500 futures and Nasdaq 100 futures are about 1.6% and 1.7% lower, respectively, although far from their previous lows. Asian markets too sank Mondaybut narrowed losses slightly after reports that Saudi Arabia was offering to release crude oil to the market.
When oil prices began to skyrocket, US President Donald Trump saying in Truth Social that “short-term oil prices” were “a very small price to pay.” It remains uncertain whether the increase will be temporary, as the war shows few signs of easing. Iran named Ayatollah Ali Khamenei’s son Mojtaba as its new supreme leaderaccording to reports. On Mondays, The US embassy in Riyadh also issued your first departure order for non-emergency government employees to leave Saudi Arabia.
For now, US Energy Secretary Chris Wright is cautiously optimistic. saying Sunday “it’s almost there” before cross-Strait traffic resumes after the United States destroyed Iran’s ability to threaten oil tankers. Wright told CNN in an interview that the “worst case scenario” is that the Strait closure lasts “a few weeks” and “not months.”
Geopolitical turmoil is testing global diplomacy, as Trump is place meet with Chinese President Xi Jinping from March 31 to April 2, amid their differences over the war in Iran and trade tariffs. On Sunday, Beijing’s top diplomat, Wang Yi, signaled that preparations were underway for the meeting and repeated the country’s calls for a ceasefire, saying “this is a war that should not have happened” and “does no good for anyone.”
Meanwhile, the G7 countries also plan convene an emergency meeting in the coming days to address the Middle East crisis. The group, made up of the United States, Canada, France, Germany, Italy, Japan and the United Kingdom, has been under pressure during US President Donald Trump’s two terms. According to the Financial Times, the group is discussing a joint release of emergency oil reserves.
And finally…
Why the world’s best-performing stock market in 2025 is experiencing historic volatility
South Korea’s stock market has swung wildly in recent days, as investors reassess the risks of escalating war in the Middle East.
While global risk-off sentiment has played a role, experts said the Korean market’s concentration on two memory giants and its sensitivity to energy shocks have made it particularly vulnerable to wild swings.
Another factor amplifying market moves is South Korea’s large retail investor base and its active derivatives market, according to market veterans.
—Lee Ying Shan
