Global Supply Chains Face Major Risks Following Blockade of Strait of Hormuz: The latest development sees Iran announcing the blockage of all its oil exports via the Strait of Hormuz, exacerbating the energy crisis. Speaking on March 2 on the state TV channel IRIB, Ebrahim Jabbari, senior adviser to the commander-in-chief of the Islamic Revolutionary Guard Corps (IRGC), declared that the Strait of Hormuz is now closed and asserted that the country’s armed forces would take firm action against any oil tanker attempting to pass through.
The Brent Crude Exceeds $85 per Barrel for the First Time Since July 2024: Crude oil prices surged on March 3 in London due to supply disruptions caused by the conflict in the Middle East. Key maritime routes, including the Strait of Hormuz, have been closed, and energy infrastructure has been attacked. North Sea Brent rose by over 8% to reach $85.12 per barrel, its highest level since July 2024. Meanwhile, U.S. WTI gained over 7% to settle at $76.47 per barrel.
Airfare Prices Skyrocket on Asia-Europe Routes: Airfares for travel between Asia and Europe are soaring following the closure of several major airport hubs in the Middle East due to the conflict involving the United States, Israel, and Iran. Many popular routes are facing a ticket shortage, with booking sites showing full capacity for several consecutive days. Dubai, the world’s busiest international airport that usually handles over 1,000 flights per day, has been closed for the fourth consecutive day since March 3.
Middle East Conflict and Economic Impact: Risk of Gas Crisis in Europe: According to the French daily La Tribune on March 2, escalating tensions in the Middle East increase the risk of a new gas crisis in Europe, following Qatar Energy’s announcement of a temporary suspension of its liquefied natural gas (LNG) production due to drone attacks. This news immediately triggered a strong market reaction, with gas prices in Europe surging over 50% in a short period.
ECB Warns of Energy Shock in the Middle East that could Significantly Impact the Eurozone: The European Central Bank (ECB) has warned that a prolonged conflict in the Middle East and a continued decrease in energy supplies could lead to a surge in inflation in the Eurozone and impact economic growth. According to the ECB, the magnitude of the impact and its medium-term inflation consequences will depend on the extent and duration of the conflict.
China Reduces Imports of Iranian Oil: Kpler data reveals that China is currently building significant stocks of crude oil. The country has been gradually reducing its imports of Iranian oil since the beginning of 2026, while increasing those from Russia, just before the escalation of the conflict in the Middle East last weekend. In 2025, Iran exported 520 million barrels of crude oil to China.
Yuan Sees Strongest Appreciation in 10 Months: The yuan (CNY) saw a sharp rise on March 3 after the People’s Bank of China (PBC, the central bank) indicated its support for the upward trend by adjusting its daily reference exchange rate. During the morning session on March 3, the CNY in the onshore market rose by 0.5%, reaching 6.8750 CNY/USD. This was the yuan’s strongest daily increase since May 12, 2025.
Chinese Trade Achieves Record Growth Before Middle East Conflict Erupted: China’s trade activity saw a significant increase, surpassing the 2025 record in the weeks leading up to the onset of the Middle East conflict. However, analysts warn that the escalation of tensions threatens to further disrupt global trade flows. Data released by the Chinese Ministry of Transport on March 2 showed that over 59 million containers passed through the country’s ports in the first nine weeks of 2026, an increase of over 12% compared to the same period in the previous year.
Source: https://baotintuc.vn/kinh-te/diem-tin-kinh-te-the-gioi-noi-bat-ngay-332026-20260303210412132.htm
