March 02, New Delhi – Markets reacted sharply to the Iran crisis, with oil prices surging and stocks falling in Asia.
Brent Crude rose to just over $80 per barrel, up from Friday's closing price of $72.87, before easing slightly below $79.
Gold prices increased by around 2% to $5,384.52 per ounce, while spot silver surged nearly 2%, reaching an intraday high of $96.93 per ounce.
Asian shares fell 1.4%, and US equity-index futures dropped 0.8% after trimming earlier losses.
Japanese shares and the yen declined, while government bonds rose. The Nikkei opened at 57,976.20, down 874.07 points.
China's equity benchmarks remained largely unchanged, as gains in energy, defense, and gold stocks offset losses in airline and tourism shares. Stocks in Hong Kong and Taiwan fell about 2%.
The UAE's financial regulatory authority announced that stock exchanges in Dubai and Abu Dhabi will remain closed "until further notice" due to the ongoing regional conflict.
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