Timeline
February 28, 2026 — March 2, 2026
World
Timeline: How US-Israel Strikes on Iran Disrupted Global Oil Markets Over 3 Days
In late February 2026, President Trump ordered military strikes on Iran alongside Israel, triggering a cascading crisis that shut down the Strait of Hormuz—the world's most critical oil chokepoint. The conflict sent oil prices soaring by 13% and caused global market turmoil as tanker traffic ground to a halt through the waterway that carries a fifth of the world's oil supply.
12 events · 2 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 in coordinated strikes with Israel on Saturday, February 28. The attacks created immediate risks for global oil supply and markets, as analysts warned of potential disruption to Persian Gulf energy flows. Iran had repeatedly threatened to close the Strait of Hormuz in response to any military action.
Sat, Feb 28, 2026
Major
Global Concerns Focus on Strait of Hormuz Chokepoint
As news of the strikes spread, attention shifted to the Strait of Hormuz, the narrow waterway between Iran and Oman that carries 20-30% of global oil and gas supplies. Iran had previously threatened to block this vital maritime artery, which would deal a massive blow to the global economy. Oil prices had already been rising in February due to fears of exactly this scenario.
Sat, Feb 28, 2026
Moderate
Iran Exports 1.9 Million Barrels Daily Despite Sanctions
Despite ongoing sanctions, Iran remained a significant oil exporter, managing to ship around 1.9 million barrels per day as of December, with much of its crude exported to China. The strikes posed serious risks not just to Iranian production but to regional oil exports and global energy markets, though the full impact wouldn't be clear until markets reopened Sunday evening.
Sun, Mar 1, 2026
Major
Strait of Hormuz Effectively Closes After Iranian Retaliation
Iran launched swift retaliatory attacks targeting US and Israeli assets across multiple Middle East countries including Qatar, UAE, Kuwait, Bahrain, Jordan, Saudi Arabia, Iraq, and Oman. Iranian officials hinted at shutting down the Strait of Hormuz, bringing tanker traffic through the waterway to a near standstill. This marked the first time Iran had followed through on its longstanding threats to close the strait.
Sun, Mar 1, 2026
Major
Oil Tankers Come Under Fire Near Strait of Hormuz
At least three oil tankers sailing near the Strait of Hormuz came under fire, with footage showing a Palau-flagged tanker ablaze after being hit by an unidentified projectile. Black smoke poured from the burning vessel as hundreds of other ships dropped anchor outside the narrow waterway to avoid entering. More than 150 vessels halted their journeys, effectively paralyzing oil exports from the region.
Sun, Mar 1, 2026
Major
Oil Prices Surge by Most in Four Years as Markets Reopen
When markets reopened Sunday evening, oil prices surged by the most in four years. Benchmark Brent crude jumped 13% to above $80 per barrel before settling around $76, while West Texas Intermediate rose about 8% to $72 before easing to $67. The oil market's 'nightmare scenario' had materialized, with traders pricing in the effective closure of the Strait of Hormuz and fears of sustained supply disruption.
Mon, Mar 2, 2026
Moderate
Global Stock Markets Prepare for Risk-Off Trading
As markets opened for the week, traders braced for volatile and risk-off conditions. The dollar surged as investors sought safe havens. Energy and defense stocks were expected to benefit, while airlines and consumer sectors faced anticipated losses. US Dow futures dropped 400-570 points, S&P 500 futures fell 1%, and Nasdaq futures dropped more than 1%.
Mon, Mar 2, 2026
Moderate
Asian Markets Open Lower Amid Energy Crisis Fears
Asian markets tumbled as trading began Monday, with Japanese stocks set to slide and emerging market currencies and stocks falling. Indian equities erased gains from a recent US trade deal, while Chinese markets showed relative resilience with muted declines. The Shanghai Composite opened down 0.27% as traders assessed the conflict's impact on Asia's heavily import-dependent economies.
Mon, Mar 2, 2026
Moderate
Commodity Markets Rally on Supply Disruption Fears
Commodity markets rallied sharply as traders looked for cues about the conflict's duration. Soybean oil jumped to its highest level in more than two years, tracking crude prices higher. Freight costs climbed sharply alongside crude as shipping companies priced in the risks of vessel damage in the Persian Gulf region.
Mon, Mar 2, 2026
Major
Dozens of Laden Tankers Trapped Inside Persian Gulf
Dozens of oil-laden tankers hunkered down inside the Persian Gulf after attacks near the Strait of Hormuz effectively closed the waterway. The trapped vessels threatened to disrupt near-term production as regional logistics were upended and exports slowed dramatically. This created a bottleneck that would have far-reaching consequences for global energy supply chains.
Mon, Mar 2, 2026
Moderate
Turkish Stocks Plunge 5% as Regional Markets React
Turkish stocks slumped more than 5% on Monday's market open, reflecting the severe impact on markets in countries neighboring the conflict zone. Oil and gas prices continued to soar as the escalating conflict threw energy markets into turmoil, with analysts warning of prolonged supply disruptions and economic consequences.
Mon, Mar 2, 2026
Moderate
Supply Chain Disruptions Hit Global Trade and Exporters
By Monday, the full economic impact began materializing beyond energy markets. Hong Kong exporters and exhibitors at a major trade fair faced disrupted supply chains and surging freight costs. Many companies with confirmed orders chose to delay dispatches rather than risk shipping through the dangerous waters, affecting exports of electric vehicles, batteries, and electronics.
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