Timeline
February 28, 2026 — March 2, 2026
World
Timeline: How US-Israel Strikes on Iran Triggered a Global Oil Crisis Over 3 Days
In late February 2026, President Trump and Israel launched military strikes against Iran, triggering an escalating conflict that disrupted global oil markets and effectively closed the Strait of Hormuz—a waterway carrying one-fifth of the world's oil supply. This timeline tracks how the conflict evolved from initial strikes to a full-blown energy crisis affecting markets worldwide.
14 events · 2 days · 30 source articles
Sat, Feb 28, 2026
Major
US and Israel Launch Strikes Against Iran
President Donald Trump executes his threat to attack Iran, with the United States and Israel launching coordinated military strikes. The attacks immediately create new risks for a significant chunk of the world's oil supply and shift attention to the Strait of Hormuz, the world's most critical oil chokepoint that carries about 20% of global oil consumption.
Sat, Feb 28, 2026
Major
Energy Markets Brace for Disruption
As news of the strikes spreads, energy markets prepare for significant disruption. Iran is a major oil producer exporting around 1.9 million barrels per day as of December, primarily to China. The worries include potential strikes against regional oil production and crude flows from the Persian Gulf, as well as Iran's repeated threats to close the Strait of Hormuz.
Sun, Mar 1, 2026
Major
Strait of Hormuz Effectively Halts Operations
Iran follows through on its longstanding threat and effectively closes the Strait of Hormuz following the US-Israel attacks. This unprecedented action blocks the vital maritime artery that carries a fifth of the world's oil consumption. Tehran had previously never fully followed through on such threats, as closing the strait would also prevent Iran from shipping its own oil abroad.
Sun, Mar 1, 2026
Major
Iran Launches Widespread Retaliatory Strikes
Tehran launches swift retaliatory attacks targeting US and Israeli assets across multiple Middle East countries, including Israel, Qatar, UAE, Kuwait, Bahrain, Jordan, Saudi Arabia, Iraq, and Oman. Iranian officials hint at shutting down the Strait of Hormuz completely, threatening 20-30% of global oil and gas supplies that are shipped through the waterway.
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 come under fire, with footage showing a Palau-flagged vessel ablaze after being hit by an unidentified projectile. Hundreds of vessels drop anchor outside the narrow waterway to avoid entering the strait, bringing tanker traffic to a near standstill. Black smoke pours from burning tankers as the situation escalates.
Sun, Mar 1, 2026
Major
Oil Market's 'Worst Fears' Materialize
The oil market's nightmare scenario comes true as the Gulf conflict directly impacts the Strait of Hormuz. Energy analysts warn that prolonged attacks throughout the region are restricting countries' ability to export oil to the rest of the world, with the vulnerability of oil markets now being severely tested despite buffers of supply and spare capacity.
Sun, Mar 1, 2026
Moderate
Global Markets Brace for Impact as Trading Opens
The escalating Mideast war tests global market resiliency as investors brace for the open of stock, bond, and energy markets Sunday evening in New York. The dollar surges as traders prepare for volatile trading, with focus turning to energy and defense companies as potential havens amid expected losses in airlines and other consumer sectors.
Sun, Mar 1, 2026
Major
Oil Prices Surge by Most in Four Years
Oil surges by the most in four years as the US-Israeli war against Iran plunges the global crude market into turmoil. The effective closure of the Strait of Hormuz sends shockwaves through energy markets. Japanese stocks are poised to open lower as the crisis hits risk appetite across Asian markets.
Mon, Mar 2, 2026
Moderate
Supply Chain Disruptions Send Markets Tumbling
As U.S. and Israeli attacks on Iran continue alongside retaliatory strikes, disruptions ripple through the global energy supply chain. Traders bet that oil supply from Iran and elsewhere in the Middle East will slow or grind to a halt. Attacks on vessels traveling through the Strait of Hormuz have severely restricted export capabilities.
Mon, Mar 2, 2026
Major
Asian Markets Open with Sharp Sell-Off
Emerging-market currencies and stocks slump in Asia trading as worries over the Iran conflict and surging oil prices weigh heavily on sentiment for risky assets. US Dow futures drop 400-570 points overnight, S&P 500 futures fall 1%, and Nasdaq futures decline more than 1% as the military campaign continues into its third day.
Mon, Mar 2, 2026
Moderate
Commodity Prices Spike Across Multiple Markets
The oil crisis triggers cascading effects across commodity markets. Soybean oil jumps to the highest level in more than two years, tracking crude prices higher. Indian stocks tumble, erasing gains from a recent US trade deal, as the escalating conflict dents investor sentiment across Asia.
Mon, Mar 2, 2026
Major
Reports of Iranian Supreme Leader's Death Intensify Crisis
Oil prices surge 13% to above $80 per barrel as reports emerge of the killing of Iranian supreme leader Ayatollah Ali Khamenei. Benchmark Brent crude hits highs above $80 before settling around $76, while WTI rises about 8% to $72. Freight costs climb sharply alongside crude as tanker traffic through the Strait of Hormuz remains at a near standstill, threatening far-reaching consequences for Asia's import-dependent economies.
Mon, Mar 2, 2026
Moderate
Global Markets Continue Downward Spiral
Turkish stocks fall more than 5% as the Iran crisis stirs markets globally. Dozens of laden oil tankers hunker down inside the Persian Gulf, unable to exit through the Strait of Hormuz. The attacks have upended regional logistics, slowed exports, and threaten near-term production across the region.
Mon, Mar 2, 2026
Moderate
Supply Chain Disruptions Hit Global Trade
As the strikes enter their third day, adverse impacts unfold across global supply chains. Hong Kong exporters and exhibitors face significant fallout, with freight costs jumping due to risks of damage to vessels. Many companies with confirmed orders choose to delay dispatches rather than ship immediately, affecting exports of electric vehicles, batteries, and electronics through the affected routes.
Share this story