War in Iran Sends Oil Prices to Three-year Highs, Disrupts Markets, and Prompts G7 Response – La Nación | 09/03/26

The expansion of the war between the United States, Israel and Iran pushed global oil prices to their highest level in more than three years, driven by fears that the conflict could cause prolonged disruptions to energy supplies from the Middle East, particularly due to risks to maritime transport in the strategic Strait of Hormuz; the escalation triggered strong reactions in global financial markets, with declines on Wall Street —where the Dow Jones, Nasdaq and S&P 500 opened lower— and sharp drops in Asian stock markets, while crude prices surpassed US$110 per barrel and rose by more than 25%, as the conflict entered its second week with no sign of a ceasefire; in response, G7 finance ministers are considering releasing oil from strategic reserves coordinated by the International Energy Agency in an effort to stabilize markets and mitigate the crisis’s impact on the global economy. Link to Article