US-Israeli Strikes on Iran Escalate Middle East Conflict
Analysis based on 22 articles · First reported Mar 02, 2026 · Last updated Mar 02, 2026
Oil prices soared due to supply fears from the Strait of Hormuz disruption, leading to increased inflation risks and potential caution from the United States===Federal Reserve on interest rate cuts. Equity markets in Asia fell, particularly airline stocks, while energy firms rallied, and safe-haven assets like Gold strengthened.
US-Israeli strikes on Iran have escalated into a broader Middle East conflict, reportedly killing Iran's supreme leader Ali Khamenei. This has led to Iran's retaliatory missile and drone campaigns and warnings regarding the Strait of Hormuz, a critical oil shipping lane, which has seen ships attacked and is effectively shut. The conflict has caused Brent Crude and West Texas Intermediate prices to spike significantly, fanning global inflation fears and potentially impacting the United States===Federal Reserve's monetary policy. Equity markets across Asia, including Tokyo, Hong Kong, and Singapore, experienced declines, with airline stocks like Cathay Pacific and Qantas taking a battering due to flight cancellations. Conversely, energy companies such as Woodside Energy, Santos Limited, PetroChina, and Inpex saw their stocks rally. Gold prices also climbed as investors sought safe havens. The conflict has expanded with Hezbollah firing rockets at Israel, leading to Israeli attacks on Lebanon. Analysts warn of a potential recessionary effect if the disruption is prolonged, and high oil prices are seen as a challenge for US President Donald Trump ahead of mid-term elections.
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