Oil jumps 13% at the open as Middle East war intensifies, stocks slip
Crude jumps 13% as the Middle East war escalates, dragging US stock futures lower while gold rises. Investors rush to safety on inflation fears
Crude oil prices jumped more than 10% on Monday, surging about 13% at the market open as the escalating war in the Middle East rattled global markets. US stock index futures opened sharply lower, while gold climbed alongside oil as investors moved into perceived safe havens.
Bloomberg’s morning market wrap (March 2, 2026) said S&P 500 futures fell nearly 1% at the open and Nasdaq 100 futures dropped 1.2%. Australian equities also opened lower as traders fled risk.
Brent crude surged 13% to around $82 a barrel in early trading. Gold rose 1.6%.
The US dollar jumped, while the Swiss franc edged higher against other major currencies in early dealings. The Australian dollar led declines among risk-sensitive currencies. Australian and New Zealand government bonds rose as each market opened.
Markets already unsettled by fresh concerns over artificial intelligence (AI) and cracks in the credit sector — and trading at record-high valuations — are now confronting an expanding military operation in Iran and the surrounding region. The escalation is threatening global maritime shipping and restricting travel.
Oil and inflation impacts have become the market’s top concern, after US stocks posted their steepest monthly fall since April last month.
