economy
March 9, 2026
US stock markets close on high after Iran war drove oil prices above $100 a barrel
Markets settled after Trump claimed US-Israel war with Iran is ‘very complete’, bringing oil prices down to $85 a barrel
TL;DR
- Oil prices reached a four-year high, exceeding $100 a barrel, driven by Middle East conflict and supply concerns.
- Global stock markets, including those in Asia and Europe, experienced significant sell-offs due to the oil price surge.
- US stock markets experienced a wild turnaround, closing on a high after oil prices dropped from their peak.
- President Trump's statement that the US-Israel war with Iran was "very complete" contributed to the decrease in oil prices.
- The Strait of Hormuz, a critical oil trade route, has been effectively closed for a week due to threats against vessels.
- Bahrain's state oil company declared force majeure on shipments after an attack on its refinery.
- Countries across Asia are scrambling to mitigate a supply crisis, with South Korea implementing fuel price caps and Bangladesh closing universities to conserve fuel.
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