Oil surges, stocks plunge as fears of prolonged Iran war hit markets
By Steve Kopack
Published on March 3, 2026.
Stock futures and energy prices have surged due to fears that the Iran war may result in prolonged disruption. This comes after President Donald Trump indicated that the U.S.-Israeli operation may last weeks. The conflict has caused significant travel disruption and caused significant disruption to popular destinations like Dubai. The international crude oil benchmark jumped 8% to its highest level since July 2024. Meanwhile, U.K. crude oil prices have also risen by over 7.5%, pushing prices to their highest since January 2025. The rising price of crude oil has also pushed retail gasoline prices higher.
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