Stocks Extend Losses; Oil Surges as War With Iran Enters Fourth Day | Bloomberg Brief 3/3/2026

Global markets decline as the US-Iran conflict enters its fourth day, with US equity futures and treasuries extending losses amid escalating geopolitical tensions and uncertainty over the war’s duration. Oil prices surge as the conflict disrupts supply chains, compounded by the shutdown of Qatar’s North Field LNG plant—the world’s largest—triggering a spike in European natural gas prices. US and Israeli forces continue airstrikes on Tehran, intensifying regional instability while the Biden administration sends conflicting signals about the war’s expected timeline and strategic objectives. Energy markets face severe volatility, with Brent crude nearing multi-year highs as traders price in prolonged supply risks from Middle East disruptions and potential retaliatory strikes. Investors flee risk assets, driving demand for safe-haven currencies like the Swiss franc and gold, while analysts warn of prolonged economic fallout if the conflict expands beyond Iran’s borders.