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Oil Prices Surge; Dow Drops at Open -- WSJ

Dow Jones03-02 22:39

 

By Alexander Osipovich

Oil prices surged and stocks dropped after U.S. and Israeli strikes on Iran showed signs of sparking a widening conflict across the Middle East.

The Dow industrials, S&P 500 and Nasdaq composite all fell early Monday.

Futures for Brent crude oil, the global energy benchmark, rose more than 8%, fueled by fears of a protracted closure of the key Strait of Hormuz corridor and attacks on Mideast energy infrastructure. European gas futures surged, getting an extra boost after the world's largest liquified nautral-gas producer halted output.

European and Asian stocks largely sold off, with airlines posting particularly sharp losses. However, shares in oil, shipping and defense companies rallied, with Lockheed Martin and RTX both gaining more than 4%.

Gold futures rose more than 2%. The U.S. dollar and Swiss franc both strengthened amid a broad investor flight to safety.

U.S. bond prices inched lower, pushing the 10-year Treasury yield higher. Concerns that a sustained spike in oil prices would boost inflation appeared to outweigh the perceived role of Treasurys as a haven asset.

Write to Alexander Osipovich at alexo@wsj.com

 

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

 

(END) Dow Jones Newswires

March 02, 2026 09:39 ET (14:39 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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