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Global financial markets fell sharply on March 3, 2026, as escalating conflict involving Iran disrupted energy supplies and intensified fears of a prolonged regional crisis. Major indices across the United States, Europe, and Asia recorded significant losses, while oil and natural gas prices surged amid concerns over instability in the Persian Gulf. Energy markets drove much of the volatility after Iran’s Revolutionary Guard declared the Strait of Hormuz closed, threatening a key corridor for global oil shipments. Brent crude and US oil prices rose more than 8 percent, while European natural gas futures jumped over 20 percent following disruptions to LNG production in Qatar. With shipping damaged and vessels stranded near the strait, investors remain focused on whether the conflict will further destabilize global energy supply chains and financial markets.
Muskan Zahra
China and Russia condemned the United States and Israel during an emergency meeting of the United Nations Security Council on February 28, 2026, following large-scale strikes on Iranian military and nuclear-related sites. Chinese Ambassador Fu Cong described the attacks as a dangerous escalation and urged respect for Iran’s sovereignty, while Russia called the operation an act of aggression. During the session, António Guterres warned that continued military action could trigger an uncontrollable regional crisis and called for an immediate return to diplomacy. The United States and Israel defended the strikes as necessary to counter Iran’s nuclear threat, while Iran accused both countries of war crimes and demanded international action. No resolution or formal vote was adopted by the council, leaving the situation diplomatically unresolved as regional tensions continued to rise.
Muskan Zahra