Fears of an energy supply crisis caused by the war in the Middle East have sent Asian markets plummeting. Stock markets have slumped and global oil prices have jumped above $100 (£75.02) a barrel as the escalating US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz. The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots. Some analysts argue that if the shutdown in the strait lasts until the end of March, we could see record oil prices above $150 a barrel. The rise in oil prices could also increase the cost of important derivative products such as jet fuel and vital precursors for fertilisers.

Source: The Star March 09, 2026 12:52 UTC