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Oil surges and Asia stocks tumble on Iran crisis

Nikkei Asia · last updated
Markets

Oil surges and Asia stocks tumble on Iran crisis

Brent crude jumps to over $80, gold futures up while bond yields fall in Tokyo

Iran’s navy issued a ban on sailing through the Strait of Hormuz, a vital artery for Middle Eastern crude oil and liquefied natural gas, and the country’s Revolutionary Guard said on Sunday it struck three oil tankers belonging to the U.S. and Bahrain. © Reuters

JADA NAGUMO and SHOTARO TANI

March 2, 2026 10:34 JST

Updated on March 2, 2026 12:46 JST

TOKYO — Oil prices soared on Monday morning while stock markets across Asia were trading weaker following U.S. strikes against Iran over the weekend, as tensions in the Middle East have heightened to new levels while fears grow over their impact on trade.

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