Huge crude oil spike and Asia plummet: How the Iran war hit the markets

Huge crude oil spike and Asia plummet: How the Iran war hit the markets Submitted by Rayhan Uddin on Mon, 03/09/2026 - 15:27 Oil prices jumped to the highest levels since 2022, as South Korean and Japanese indices slump following Iranian closure of Strait of Hormuz A crude oil tanker is guided to a berth at the oil terminal at the port in Qingdao, in China’s eastern Shandong province on 7 March 2026 (CN-STR/AFP) Off The global commodity market was jolted as markets reopened on Monday, as the war on Iran continued to escalate over the weekend. Israel struck over 30 oil depots in Iran on Saturday, including in Tehran and Karaj. The strikes on depots went far beyond what the US expected when Israel notified it in advance, according to a report in Axios.