India, March 3 -- Global financial markets plunged on March 1 and 2, 2026, as the widening Middle East war escalation and regional instability, especially the US-Israel air war against Iran, rattled investors and drove crude oil prices sharply higher. The conflict affected one of the world's most strategic trade corridors, the Strait of Hormuz, sending shock waves through stock indexes, currencies, commodities and global supply chains.

Oil and gas markets reacted first and most violently, with Brent crude soaring as much as 10% toward above $80 per barrel amid concerns that the closure of crucial shipping lanes could severely restrict global energy flows. Analysts warned the impact of Iran conflict on energy prices was profound, with bo...