Timeline
March 1, 2026 — March 2, 2026
World
Timeline: How the US-Israel Strikes on Iran Disrupted Global Oil Markets Over 48 Hours
On February 28, 2026, the United States and Israel launched coordinated military strikes on Iran, killing Supreme Leader Ayatollah Ali Khamenei. The conflict rapidly escalated, leading to Iran's effective closure of the Strait of Hormuz—a waterway carrying 20% of global oil supplies. This timeline tracks how the crisis unfolded from the initial attacks through the resulting chaos in global energy markets and international trade.
13 events · 1 days · 30 source articles
Sat, Feb 28, 2026
Major
US and Israel Launch Military Strikes on Iran
President Trump carried out threats to attack Iran, with the United States and Israel launching coordinated strikes on Saturday, February 28. The attacks marked a major escalation in tensions and immediately raised concerns about potential disruption to the Strait of Hormuz, the world's most critical oil chokepoint through which a fifth of global oil consumption flows.
Sat, Feb 28, 2026
Major
Iranian Supreme Leader Ayatollah Ali Khamenei Killed in Strikes
The US-Israeli strikes resulted in the death of Iran's Supreme Leader Ayatollah Ali Khamenei, a development that dramatically intensified the conflict. This assassination represented a major turning point that would trigger widespread Iranian retaliation across the region.
Sat, Feb 28, 2026
Major
Iran Launches Retaliatory Strikes Across Middle East
Tehran responded swiftly with retaliatory attacks targeting Israeli and US assets in multiple countries including Israel, Qatar, the UAE, Kuwait, Bahrain, Jordan, Saudi Arabia, Iraq, and Oman. Iranian officials hinted at shutting down the Strait of Hormuz, escalating fears of a major disruption to global energy supplies.
Sun, Mar 1, 2026
Major
Iran Declares Closure of Strait of Hormuz Navigation
Tehran announced it had closed navigation through the Strait of Hormuz following the US-Israeli bombardment. Hundreds of vessels dropped anchor outside the narrow waterway between Iran and the Arabian Peninsula, effectively bringing tanker traffic to a standstill. The strait normally handles 20-30% of global oil and gas supplies.
Sun, Mar 1, 2026
Major
Oil Tankers Come Under Fire in Strait of Hormuz
At least three oil tankers sailing near the Strait of Hormuz came under fire, with footage showing a Palau-flagged vessel ablaze after being hit by an unidentified projectile. Black smoke poured from the burning tanker as more than 150 other ships dropped anchor to avoid entering the dangerous strait.
Sun, Mar 1, 2026
Moderate
Global Markets Brace for Impact as Conflict Escalates
As Sunday evening approached in New York, traders prepared for extreme volatility across stock, bond, and energy markets. The escalating Middle East war tested global market resiliency, with the dollar surging as investors sought safe havens. Energy and defense companies were expected to benefit while airlines and consumer sectors faced anticipated losses.
Sun, Mar 1, 2026
Major
Oil Prices Spike by Most in Four Years as Markets Open
Oil surged by the most in four years as the effective closure of the Strait of Hormuz plunged global crude markets into turmoil. The nightmare scenario that energy traders had long feared became reality, triggering sharp price increases across petroleum products. Japanese stocks were poised to open lower as the crisis sapped risk appetite.
Mon, Mar 2, 2026
Moderate
Asian Markets Plunge as Trading Begins Monday
Asian stock markets opened sharply lower on Monday morning, with emerging market currencies and stocks slumping amid worries over the Iran conflict and surging oil prices. US Dow futures dropped 400-570 points overnight, S&P 500 futures fell 1%, and Nasdaq futures declined more than 1%. Traders looked to commodity markets for duration cues.
Mon, Mar 2, 2026
Major
Brent Crude Surges 13% to Over $80 Per Barrel
Benchmark Brent crude jumped 13% to a high above $80 per barrel—the highest since January 2025—before settling around $76. West Texas Intermediate rose about 8% to $72 before easing to around $67. The moves reflected both the shock of Khamenei's killing and deepening fears of sustained supply disruption with far-reaching consequences for Asia's import-dependent economies.
Mon, Mar 2, 2026
Moderate
Turkish Stocks Plummet Over 5% as Regional Markets Crater
Turkish stocks slumped more than 5% at market open, while Indian equities tumbled, erasing gains from a recent US trade deal. The escalating Middle East conflict dented investor sentiment across global markets, with particular impact on countries with exposure to regional trade and energy supplies.
Mon, Mar 2, 2026
Major
Shipping Costs Soar as Tankers Hunker Down in Persian Gulf
Freight costs climbed sharply alongside crude oil prices as dozens of laden oil tankers remained stuck inside the Persian Gulf. Attacks near the Strait of Hormuz effectively closed off the waterway, upending regional logistics, slowing exports, and threatening near-term production. Charter fees for oil supertankers reached sky-high levels.
Mon, Mar 2, 2026
Moderate
Global Supply Chains Face Widespread Disruption
The conflict's adverse impacts rippled through international trade, with Hong Kong exporters at a major trade fair reporting disrupted supply chains and rising costs. Many companies with confirmed orders chose to delay dispatches rather than ship immediately. Soybean oil hit a two-year high tracking crude prices, while broader commodity markets reflected growing concern about the conflict's duration.
Mon, Mar 2, 2026
Major
Third Day of Strikes Continues as Markets Absorb Shock
As the US-Israeli military campaign against Iran entered its third day on Monday, President Trump indicated strikes could last weeks. Global energy markets remained in turmoil with tanker traffic through the Strait of Hormuz at a near standstill. Analysts warned of prolonged supply disruptions and pressure on global spare capacity, with particular concern for China and other Asian economies heavily dependent on Middle Eastern oil imports.
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