Global markets shudder after oil spikes near $120 amid Middle East attacks
Mar 9th 2026
Global equity markets fell after Brent crude briefly jumped toward $120 a barrel amid attacks tied to the Iran conflict and fears of disruptions through the Strait of Hormuz, rattling energy sensitive sectors and raising stagflation concerns.
- Brent crude briefly hit about $119.50 before pulling back to $101.76, up 9.8% from Friday.
- U.S. crude spiked to $119.48 and later settled near $99.59 after a 9.6% intraday jump.
- The S&P 500 fell 1.3%, the Dow lost 721 points or 1.5%, and the Nasdaq dropped 1.2%.
- Markets outside the U.S. fell harder, with South Korea's Kospi down 6% and Japan's Nikkei down 5.2%.
- Energy intensive companies fell, including Carnival down 7.3% and United Airlines down 6.9%, while retailers like Best Buy fell 4.4%.
- Traders are focused on supply risks through the Strait of Hormuz, which normally carries about one fifth of the world’s oil shipments.
- Analysts say a prolonged closure of key shipping routes could push oil above $150 per barrel, though some expect new supply to ease prices in coming months.
- The 10-year Treasury yield held near 4.15% as inflation worries and growth concerns weighed on markets.