{"id":59550,"date":"2026-03-08T22:38:26","date_gmt":"2026-03-09T02:38:26","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/global-markets-in-turmoil-as-middle-east-conflict-escalates-wti-crude-surges-28-to-117\/59550\/"},"modified":"2026-03-08T22:38:26","modified_gmt":"2026-03-09T02:38:26","slug":"global-markets-in-turmoil-as-middle-east-conflict-escalates-wti-crude-surges-28-to-117","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-in-turmoil-as-middle-east-conflict-escalates-wti-crude-surges-28-to-117\/59550\/","title":{"rendered":"Global Markets in Turmoil as Middle East Conflict Escalates; WTI Crude Surges 28% to $117"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>WTI Crude oil prices skyrocketed 28% intraday to over $117 per barrel<\/strong> following reports of Israeli military strikes targeting central Iran and Hezbollah facilities in Beirut.<\/li>\n<li><strong>Saudi Arabia issued a scathing condemnation of Iran<\/strong>, warning that ongoing strikes on Arab and Islamic states could lead to a permanent rupture in bilateral relations.<\/li>\n<li><strong>Asian financial markets experienced a broad sell-off<\/strong>, with the Indonesian stock market sliding 3.6% and the Philippine benchmark touching its lowest levels since early January.<\/li>\n<li><strong>Japan is weighing an emergency release of national oil reserves<\/strong> as energy supply concerns mount and the 5-year government bond yield climbed to 1.655%.<\/li>\n<li><strong>U.S. President Donald <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> and Canadian PM Mark Carney held emergency talks<\/strong> to coordinate a response to the rapidly deteriorating security and trade situation in the Middle East.<\/li>\n<\/ul>\n<p>The global energy landscape shifted violently on Monday as <strong>WTI Crude surged above $117<\/strong>, marking a staggering <strong>28% intraday gain<\/strong>. This unprecedented spike follows a series of military escalations, including <strong>Israeli strikes on central Iran<\/strong> and Hezbollah strongholds in Lebanon. <em>Market participants are pricing in a significant risk of prolonged supply disruptions<\/em> as the conflict threatens critical maritime corridors and regional energy infrastructure.<\/p>\n<p>In a sharp diplomatic escalation, the <strong>Saudi Foreign Ministry<\/strong> slammed Tehran for what it described as &quot;attacks on Arab and Islamic states.&quot; Riyadh warned that the ongoing hostilities may &quot;seriously impact bilateral relations,&quot; signaling a potential collapse of recent regional de-escalation efforts. Meanwhile, <strong>Bahrain reported 32 injuries<\/strong> following a drone attack launched from Iran, and the <strong>U.S. Embassy in Baghdad<\/strong> triggered air raid alerts, underscoring the widening scope of the regional crisis.<\/p>\n<p>Financial markets across Asia-Pacific reacted with immediate panic. The <strong>Indonesia Stock Market<\/strong> plummeted <strong>3.6%<\/strong> at the open, while the <strong>Indonesian Rupiah<\/strong> dropped to <strong>16,980 per USD<\/strong>. In Hong Kong, biotech stocks bore the brunt of the volatility, with the <strong>HSBI index<\/strong> falling more than <strong>5%<\/strong>. <em>Investors are fleeing to safe-haven assets<\/em> as the <strong>Taiwan Dollar<\/strong> hit its lowest level since May 2025 and the <strong>Philippine benchmark<\/strong> touched lows not seen since early January.<\/p>\n<p>The energy crisis has forced major importers to consider drastic measures. <strong>Japan\u2019s Chief Cabinet Secretary Kihara<\/strong> confirmed that while no final decision has been reached, the government is closely monitoring the situation regarding the <strong>release of national oil reserves<\/strong>. The uncertainty has already impacted the bond market, with <strong>Japan\u2019s 5-year Government Bond yield<\/strong> climbing to <strong>1.655%<\/strong>. Major energy firms like ExxonMobil (<a href=\"\/stock\/XOM\">XOM<\/a>) and Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>) are expected to see extreme volatility as the market digests the impact of the <strong>24% rise in Brent Crude<\/strong> and the <strong>26% jump in WTI futures<\/strong>.<\/p>\n<p>On the diplomatic front, <strong>Canada\u2019s Prime Minister Mark Carney<\/strong> and <strong>U.S. President Donald <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a><\/strong> have agreed to &quot;stay in close contact&quot; following a high-level conference on the economy and trade. The two leaders are reportedly focused on mitigating the economic fallout of the Middle East situation, which has already sent shockwaves through global trade routes. <em>The coordination between Washington and Ottawa is seen as a critical attempt to stabilize North American markets<\/em> amid the global contagion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways WTI Crude oil prices skyrocketed 28% intraday to over $117 per barrel following reports of Israeli military strikes 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