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First modification: 03/02/2026 - 16:15 Last modification: 03/02/2026 - 16:28

The conflict following the attacks by the United States and Israel against Iran is sinking Asian and European stock markets, hitting airline and tourism stocks hard, and skyrocketing oil and gas prices. The risk over the Strait of Hormuz increases tension in global energy and trade markets, while oil companies capitalize on the conflict.

The military escalation in the Middle East has unleashed an immediate shock in global financial markets, investors reacted this Monday, March 2, with massive stock sales in Asia and Europe, while oil and gas prices registered sharp increases driven by fear of supply interruptions.

In Asia, stock markets closed in negative territory. Tokyo fell 1.4% and Hong Kong fell 2.1%, reflecting regional nervousness. Only Shanghai managed to stand out with a slight increase of 0.5%.

Risk aversion dominated the day due to fear that the conflict would compromise maritime traffic in the Strait of Hormuz, through which nearly 20% of the world's oil transits.

Europe closed with losses, Paris lost -2.17%, Frankfurt -2.17%, Milan -1.97%, Madrid -2.62% and London -1.20%. Investors adjust portfolios in the face of a scenario of greater geopolitical uncertainty and inflationary pressures derived from rising energy prices.

Read alsoBomberings in the Middle East paralyze air traffic in the Gulf and affect thousands of passengers - France 24

Winners and losers in the stock market

The biggest stock market hit was received by the airline and tourism sector. Japanese airlines ANA and JAL fell more than 5%. In Europe, Air France-KLM fell 7.24% and Lufthansa 5.77% in the first operations of the day.

In the US pre-market, companies such as United, Delta and American Airlines registered declines close to 6%, due to the risk of cancellations and higher operating costs.

In contrast, those who have managed to capitalize on the conflict in the Middle East are the energy companies that led the profits. Shell rose 5.32%, BP 4.70%, Repsol 4.29% and TotalEnergies 3.97%, at the European opening. In the United States, giants such as Exxon, Chevron and Occidental Petroleum anticipated increases of more than 7% in the pre-market, before the opening of Wall Street

Oil reached levels not seen in four years. The barrel of Brent soared almost 14% at the opening and, around 0815 GMT, it was trading up 9.7% to $79.95.

West Texas Intermediate rose 9%, to $73.04. Analysts do not rule out that crude oil could once again exceed the $100 barrier if the interruptions continue.

Read alsoTensions rise in the Strait of Hormuz as oil tankers get caught in the crossfire - France 24

Those most dependent on black gold

The Strait of Hormuz is consolidated as the strategic epicenter. According to the United States Energy Information Administration, China receives about 38% of the crude oil that crosses that route, followed by India with 15%, South Korea with 12% and Japan with 11%. The rest of Asia accounts for another 14%, while other regions, including Europe, America and Africa, account for around 10%.

But the impact goes beyond oil. About 33% of the world's fertilizers, including sulfur and ammonia, transit through this sea route.

The interruption of traffic threatens to make these inputs even more expensive, the production of which largely depends on gas and crude oil.

The conflict also affects the petrochemical industry. The United Arab Emirates produces up to 23 million tons of polyethylene annually, 15% of the world's supply. Incidents at strategic ports such as Jebel Ali and operational suspensions in Kuwait raise concerns about global supply chains.

The main shipping companies, including Maersk and CMA CGM, announced the suspension of transit through Hormuz and the Suez Canal, forcing detours that circumnavigate Africa. Insurers have drastically raised premiums and dozens of ships remain stranded in the Gulf.

With this panorama, markets are beginning to incorporate a growing geopolitical risk premium, while the OPEC+ alliance, led by Saudi Arabia and Russia, announced a production increase of 206,000 barrels per day for April, in an attempt to contain energy volatility.

With Reuters and AFP

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