Global markets plummeted on Monday, with oil prices reaching their highest levels in over 14 years, after the Iran war intensified and crude prices surged to nearly $120 a barrel. The conflict has cast a shadow over economies heavily reliant on oil imports from the Middle East, leading to widespread market volatility.
The Iranian government’s actions have sparked international condemnation, with South Korean President Lee Jae Myung warning against hoarding and price manipulation. Meanwhile, China called for an end to attacks on civilians and non-military targets.
Oil prices surged due to both sides in the conflict striking new targets, including civilian infrastructure. Bahrain accused Iran of damaging a desalination plant critical to Gulf countries’ drinking water supply, while Israel struck oil depots in Tehran, causing environmental alerts.
The market’s downturn was also fueled by concerns over inflation and economic growth, as the Federal Reserve struggles to address both issues simultaneously. The US dollar gained value against other currencies, taking advantage of uncertainty, but oil prices remain a pressing concern for investors.
Crude prices have more than doubled since Friday, with Brent crude reaching $106.61 a barrel and US benchmark crude rising to $103.20.
Source: https://www.npr.org/2026/03/09/nx-s1-5742307/world-shares-tumble-iran-war