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The escalation of conflict in the Middle East has sent shockwaves through global markets, with oil and gold prices hitting multi-month highs on Monday, 2 March
Following joint US and Israeli strikes that reportedly killed Iran's Supreme Leader Ali Khamenei on Saturday, Brent crude futures surged 7.37% to USD78.24 (RM306) a barrel, according to Global Banking & Finance Review.
Earlier in the session, prices reached USD82.37 (RM322), a level not seen since January 2025.
The surge comes after the US and Israel launched fresh strikes on Tehran on Sunday, while Iran retaliated with missile barrages.
The intensifying military action has directly impacted commercial shipping, with missiles striking at least three tankers off the Gulf coast
One seafarer was killed in the attacks, according to shipping officials.
In response to the hostilities, Iran announced it has closed navigation through the strategic Strait of Hormuz.
This move caused a massive bottleneck, with over 200 vessels — including oil and liquefied gas tankers — currently anchored in surrounding waters.
Investors are flocking to gold as a hedge against deepening geopolitical and economic uncertainty
Spot gold rose 1.72% to USD5,368.09 (RM20,975) an ounce, marking its highest point in over four weeks, according to the New Straits Times.
Financial experts suggest the current climate of instability provides a "fairly strong incentive" for further escalation.
