Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 3, 2026. REUTERS/Brendan McDermid
Brendan Mcdermid | Reuters
What you need to know today
Crude oil finally did what analysts have been warning about in the past week: it blew past $100 per barrel on Sunday as Iran continues its closure of the critical Strait of Hormuz. It was the first time crude crossed the $100 mark since Russia invaded Ukraine in 2022. West Texas Intermediate jumped 20%, or $18.30, to $109.30 per barrel. Global benchmark Brent advanced around 18%, or $16.71, to $109.35.
Markets reacted swiftly, with Dow futures tumbling 900 points. Meanwhile, S&P 500 futures and Nasdaq 100 futures fell 1.9% and 2.3%, respectively.
Shortly after the surge, U.S. President Donald Trump said on Truth Social that “short term oil prices” are “a very small price to pay”. Whether the spike proves temporary remains uncertain as the war shows few signs of easing. Iran named Ayatollah Ali Khamenei’s son, Mojtaba, as its new supreme leader, according to reports.
For now, U.S. Energy Secretary Chris Wright appeared cautiously optimistic, saying Sunday “we’re not too long away” before traffic through the Strait will resume, after the U.S. destroyed Iran’s ability to threaten tankers. Wright told CNN in an interview that the “worst case” is that the Strait closure lasts “a few weeks,” and “not months.”
The geopolitical turmoil is testing global diplomacy, as Trump is set to meet with Chinese President Xi Jinping from March 31 to April 2, amid their differences over the war in Iran and trade tariffs. On Sunday, Beijing’s top diplomat Wang Yi signaled preparations were underway for the meeting, and repeated the country’s calls for a ceasefire, saying that “this is a war that should not have happened,” and “does no one any good.”
Meanwhile, the G7 countries are also scheduled to convene an emergency meeting in the coming days to address the Middle East crisis. The group — comprising the United States, Canada, France, Germany, Italy, Japan and the United Kingdom — has come under strain during both of U.S. President Donald Trump’s tenures.
And finally…
Why the world’s top-performing stock market in 2025 is seeing historic volatility
South Korea’s stock market has swung wildly in recent days, as investors reassess risks from the escalating war in the Middle East
While the global risk-off mood has played a major role, experts said the Korean market’s concentration in two memory giants and its sensitivity to energy shocks have made it particularly vulnerable to sharp swings.
Another factor amplifying the market’s moves is South Korea’s large base of retail investors and its active derivatives market, according to market veterans.
— Lee Ying Shan
