{"id":3892,"date":"2026-03-02T15:56:04","date_gmt":"2026-03-02T15:56:04","guid":{"rendered":"https:\/\/www.worldpumpnews.com\/?p=3892"},"modified":"2026-03-02T15:56:04","modified_gmt":"2026-03-02T15:56:04","slug":"wall-street-and-global-markets-slump-in-1st-opening-since-iran-conflict-national","status":"publish","type":"post","link":"https:\/\/www.worldpumpnews.com\/?p=3892","title":{"rendered":"Wall Street and global markets slump in 1st opening since Iran conflict – National"},"content":{"rendered":"

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Oil prices leaped, and stock markets slumped worldwide following military strikes by the United States and Israel on Iran.<\/p>\n

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Worries about disruptions to the flow of crude sent oil prices up more than seven per cent Monday.<\/p>\n

The S&P 500 fell 0.7 per cent as stocks of airlines and other U.S. businesses stand to see higher fuel bills soon. The Dow Jones Industrial Average dropped 490 points, and the Nasdaq composite fell 0.9 per cent.<\/p>\n

The Toronto Stock Exchange was down on Monday by more than 200 points, or 0.6 per cent as of publication.<\/p>\n

Gold rose as investors looked for something safer to own. Treasury yields often fall when investors are nervous, but they rose instead because of worries that higher oil prices will worsen inflation.<\/p>\n

Military strikes on Iran rattled global markets on Monday with U.S. futures following markets in Europe and Asia lower. Energy prices rose sharply.<\/p>\n

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Futures for the S&P 500 and Dow Jones Industrial Average each sank about one per cent.<\/p>\n

The price of a barrel of U.S. benchmark rose to roughly USD$72 per barrel, a price not seen since the U.S. summer driving season and the 12-day Israel-Iran war. Brent crude jumped nine per cent to nearly $79.19 per barrel.<\/p>\n

The spike in the cost for a barrel of crude could show up in a matter of days or weeks at gas pumps, with retailers forced to pay more for new shipments of gasoline.<\/p>\n

Travel sectors, from airlines and cruise operators to global hotel chains, tumbled.<\/p>\n

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But it wasn\u2019t just oil. Natural gas futures rose early six per cent and futures for fuel used for transportation as well as industrial purposes, spiked more than 14 per cent.<\/p>\n

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Germany\u2019s DAX dropped 1.9 per cent to 24,817.42, while in Paris the CAC 40 lost 1.7 per cent to 8,435.80. Britain\u2019s FTSE 100 slipped one per cent to 10,808.53.<\/p>\n

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Shares fell in most Asian markets but they rose in Shanghai, where higher oil prices lifted some oil company stocks such as CNOOC, China Petroleum & Chemical and PetroChina to the 10\u00a0per cent limit.<\/p>\n

The Shanghai Composite index climbed 0.5 per cent to 4,182.59, while in Hong Kong, the Hang Seng lost 2.1 per cent to 26,059.85.<\/p>\n

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