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 Global commodity markets were jolted when they reopened on Monday, as the war on