Oil prices surged, the dollar gained and shares slid on Monday as the Iran conflict widened in the Middle East and looked set to last for weeks, threatening to upend a global economic recovery and perhaps reignite inflation. Oil and gas facilities were forced to shut down across the Middle East, and Saudi Arabia shut its biggest domestic oil refinery on Monday after a drone strike. For investors the crucial question is how long the war, or specifically the disruption to energy markets, will continue. "Historically markets have mostly shrugged off isolated conflicts in the Middle East. In the Middle East, the UAE and Kuwait temporarily closed their stock markets citing "exceptional circumstances".

Source: The Telegraph March 02, 2026 13:38 UTC