Oil and gas prices surged and global stocks fell on Monday as the widening conflict in the Middle East disrupted energy supplies from the region and threatened to hit the global economy. Gold rose and global stocks fell, with the Stoxx Europe 600, Europe’s benchmark index, down 1.8 per cent, led by declines in airlines and hotel groups. “The implications of this conflict for the world economy depend on the flow of oil and gas through the Strait of Hormuz,” said Norbert Rücker, head of economics at Julius Baer. China had also stockpiled close to 1 million b/d of crude over the past six months to weather any disruption. Stock markets across Asia declined on Monday with Japan’s Topix and Hong Kong’s Hang Seng down 1.5 per cent and 1.4 per cent respectively.

Source: The Irish Times March 02, 2026 13:52 UTC