Oil surges as US-Israel war with Iran halts Gulf exports - Mar 3, 2026

As of March 3, today's news sees the escalating conflict in the Middle East, particularly the ongoing U.S.-Israeli war against Iran, which has dramatically spiked global energy prices and heightened inflation concerns. Global oil and gas prices jumped today as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq. Meanwhile, stock prices continued to plunge as the ramifications of the heightened conflict and energy price hikes weighed heavily on investor confidence. Europe's benchmark STOXX 600 index dropped 2.7%, marking a significant decline as analysts voiced worries reminiscent of economic conditions following Russia's invasion of Ukraine in 2022. Furthermore, U.S. stock futures indicated a similar downward trend could follow, as uncertainty continues to mount regarding the global economic outlook. In other market updates, China has set a goal to recycle 250,000 metric tons of solar panels by 2027, its industry ministry announced today, as it seeks to build up an industry ecosystem capable of dealing with the waste generated by the rapidly growing renewables sector. In mineral markets, Rio Tinto announced a conditional approval from the Canadian government for a 13.86 million dollars grant to support its gallium metal project, crucial for various high-tech applications. The push to bolster local supplies in light of China’s restrictive policies on critical minerals reflects a growing trend to secure domestic resources amid increasing geopolitical tensions. Looking at broader macro trends, a new estimate by Rare Earths Norway revealed an 81% increase in indicated and inferred mineral resources at its Fen project. This development is significant as it aims to alleviate Europe's dependency on Chinese rare earth supplies, with the project now holding 15.9 million metric tons of total rare earth oxide content. From an international perspective, the ongoing Iran crisis has complicated U.S.-China relations, putting Chinese President Xi Jinping in a challenging position ahead of a potential summit with U.S. President Donald Trump. The evolving military dynamics raise questions about future trade discussions and geopolitical strategies, particularly concerning energy partnerships.